Expats in Shanghai face pension scheme delay

clock

Officials in Shanghai are delaying the introduction of rules permitting expats living in the country to pay into its social security and pension system due to fear of upsetting investors.

In July, the central Chinese government announced it would allow foreign workers to pay into the state pension scheme benefits system from October. However, the central government has only released basic details about the scheme so far and no payments have begun, Reuters reports. Currently, foreigners working in China are not eligible for state benefits as work visas are tied to specific jobs and become invalid if individuals stop working. Officials in Beijing have drawn up guidelines on how funds will be allocated to foreign workers' pension accounts, but labour officials in Shang...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

HNW individuals call for pension reforms and tax changes

HNW individuals call for pension reforms and tax changes

Almost nine in ten want to see pension reforms, Saltus finds

Isabel Baxter
clock 13 May 2024 • 1 min read
FCA/TPR value for money framework a 'key priority' for 2024/25

FCA/TPR value for money framework a 'key priority' for 2024/25

Regulatory duo first announced a plan for common measurements in 2022

Hope Coumbe
clock 10 May 2024 • 1 min read
NAO finds estimated cost of dashboards has risen £54m

NAO finds estimated cost of dashboards has risen £54m

'The DWP must learn lessons from what happened on this programme'

Holly Roach
clock 10 May 2024 • 3 min read