Foreigners in China to Benefit from Simplified Social Insurance Payments
Foreigners living in China along with Chinese citizens who are working overseas can benefit from the planned simplified social insurance payments. The plans are currently being discussed under international agreements.
Xu Yanjun the vice director of the Social Insurance Administration have already held talks with Japan and France and is currently in initial discussions with Sweden and Belgium. 11 other countries have already expressed their willingness to negotiate this includes Singapore, Finland, Denmark, Switzerland, and Spain since a regulation was implemented that requires all foreigners working in China to have social security which took effect last October 2011.
Under the China’s Social Insurance Law have allowed foreign workers to enjoy retirement, work related injury, medical benefits, maternity and unemployment insurance as same to those of Chinese citizens. Chinese workers usually pay for their life, unemployment and medical insurance but it is up to the employers to pay for the maternity and work related injury insurance.
South Korea and Germany have already signed reciprocal agreements with China, the agreement between Germany and China will exempt workers from each respective country from paying life and unemployment insurance. The Deal with South Korea will exempt workers from paying only life insurance.