Guangzhou Implements Pension Insurance for Urban Senior Residents

Published on October 8, 2008 by admin

On October 6 Guangzhou inaugurated the new pension insurance for urban senior residents. It is  learned that, however, there were hardly any people coming to the labor and social security agencies to enquire about the plan and benefits. Many agencies also said that they could not handle the additional workload at the moment. In response to this situation, a principal of the Bureau of Labor and Social Security of the Guangzhou Municipality noted that it could take some time for the documentation to pass through the municipality and district government offices before it would reach the streets. Additionally, the National Day Holiday golden week was also seen as a factor in the delay of the process. A high level of enqueries related to the plan is expected in the next weeks.

The agencies handling enquiries at various levels started the officially application formalities dating from October of this year. In order to ensure a smooth implementation of the measures, the labor and social departments established a transitional period for handling the formalities. The remuneration for those citizens concerned will not be affected for those who handled insurance formalities within the stipulated period of time within the transitional period from October 2008 to May 2009.

The details are as follows: (1) For those who have reached the stated age before the implementation of the measures, they will get their basic pensions starting from the month following the implementation of the measures as long as they handled insurance registration formalities and paid the pension rates as required at the labor and social security service centers in their permanent residence registration places or their residential streets (towns) before the end of May 2009; (2) For those who reached the stated age after the implementation of the measures and before May 2009, they will get their basic pension payments starting from the month following when they reach the full age of 55 for females and 60 for males as long as they handled insurance registration formalities and paid the pension rates as required at the labor and social security service centers of their permanent residence registration place or their residential street (town) before the end of May 2009.

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Filed under: Guangzhou