{"id":1460,"date":"2023-10-24T03:59:23","date_gmt":"2023-10-23T19:59:23","guid":{"rendered":"https:\/\/www.hiredchina.com\/articles\/2023\/10\/24\/get-your-money-back-before-leaving-china\/"},"modified":"2024-06-03T19:10:42","modified_gmt":"2024-06-03T11:10:42","slug":"get-your-money-back-before-leaving-china","status":"publish","type":"post","link":"https:\/\/www.hiredchina.com\/articles\/get-your-money-back-before-leaving-china\/","title":{"rendered":"Get Your Money Back Before Leaving China!"},"content":{"rendered":"

Since October 15th, 2011, it is compulsory for foreigners employed in China to contribute to Social Insurances as per China\u2019s Ministry of Human Resources and Social Security: an employer must pay for all five types of social insurance<\/a>, called w\u01d4 xi\u01cen<\/p><\/blockquote>\n

Since October 15th, 2011, it is compulsory for foreigners employed in China to contribute to Social Insurances as per China\u2019s Ministry of Human Resources and Social Security: an employer must pay for\u00a0all five types of social insurance, called\u00a0\u4e94\u9669\u4e00\u91d1(w\u01d4 xi\u01cen y\u012b j\u012bn)(pension, medical, work-related injury, maternity and unemployment insurance) for an expat.<\/p>\n

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If you are leaving China after having being employed by a Chinese company or a foreign company based in China and prior to reaching the prescribed statutory age for pension withdrawal, you can get back a part of your participation to the Pension funds you have been contributing each month you were in employment. The employer contribution is 20% of all its employee\u2019s salaries for the country-wide pool of money\u00a0plus\u00a08% of each person\u2019s salary on a personal pension account. For foreigners leaving China, they will be able to get back all the money paid on the personal pension account!<\/p>\n

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\u00a0<\/span><\/p>\n

**Do the calculation yourself and we are sure you will not consider this paperwork \u201cmafan\u201d\u00a0<\/span><\/p>\n


\nas<\/span>\u00a0it is not just a little money!\u00a0 \u00a0<\/span><\/p>\n

    \n
  1. In Beijing, a\u00a0foreigner earning a monthly salary of more than RMB 15,669<\/li>\n
  2. He\/she pays RMB 1,286 a month, while their employer pays RMB\u00a05,610.<\/li>\n
  3. RMB 1,286\u00a0 x 12 = RMB 15,432<\/li>\n
  4. Assuming the foreigner had a 3 years assignment in China, he can get back\u00a0RMB\u00a046,296!<\/li>\n<\/ol>\n

    \"\"<\/p>\n

    So how to get back the money!<\/p>\n

    1. Terminate the employment contract with your employer.\u00a0Employers\u00a0should give you a stamped release letter acknowledging\u00a0that you do not work for them anymore (\u7ec8\u6b62\u52b3\u52a8\u5408\u540c).<\/p>\n

    2. Your employer will submit the stamped form to the local Human Resources and Social Security Bureau to terminate your employment<\/a>. At this stage, you need to tell your employer that you also need them to fill out the\u00a0Personal Pension Insurance Deposit Withdrawal Application Form for Insured Foreigners (Or Citizens of Hong Kong\/Macao\/Taiwan)\u00a0or\u00a0\u5916\u56fd(\u6e2f\u6fb3\u53f0)\u53c2\u4fdd\u4eba\u5458\u57fa\u672c\u517b\u8001\u4fdd\u9669\u4e2a\u4eba\u8d26\u6237\u50a8\u5b58\u989d\u4e00\u6b21\u6027\u652f\u53d6\u7533\u9886\u8868.\u00a0This form is available from the local Human Resources and Social Security Bureau. They should both cancel your employment and hand in this form\u00a0which is basically a notification to\u00a0the government that you intend to withdraw your money.<\/p>\n

    \"\"<\/p>\n

    3. Once your employer has finalized the above steps,<\/p>\n