New Rule to Expand City’s Pension Program

New Rule to Expand City's Pension ProgramA new social pension rule has been approved by the city government that will expand their pension program covering permanent residents without a job. There are about 117,000 people in Shenzhen with permanent resident status that were uncovered by the city social pension program and are expected to benefit from the new rule.

Participants will pay a premium of 100 yuan to 1,000 yuan a year while the government will give a subsidy of 30 to 120 yuan to the participant depending on the amount of the participant’s premium. Fund managers will then establish an account for every participant than the premium and government subsidy will be deposited to this account. Funds will accrue interest based on yearly bank rates based on the new rule.

Residents 60 years old or older are entitled in the new rule with a monthly pension of 200 to 300 yuan depending on the length of time they lived in Shenzhen even if they have not paid premiums. When they choose to pay the premium they will be entitled to the government pension subsidy therefore have more funds in their individual pension accounts basing on the new rule. While residents under 60 years of age needs to start paying the annual premiums before receiving the pensions funds when they turn 60.

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