October 2011

Chinese Work VISA Holders MUST Buy Social Insurance in China From October 2011

From 15 October 2011, all foreigners who are holding work visa in PR China MUST buy social insurance in mainland China, except the ones whose age is over 60years old. It becomes a mandatory rule in the whole China. The government data shows that there are about 700,000 work visa holders, which 230,000 of them are living in Shenzhen.
 
The Company and the Employee will have to increase their budget RMB2, 100/month more than before totally. For International School and all the big multinational companies, it will become a big shock. China only signs Bilateral Agreement with German and South Korea until today, which means only the aliens from these two countries who has already bought social insurance in their own country can avoid the dilemma of buying double social insurance.
 
We must say that the promulgation of the Measures is lack of consideration.  Below please find the whole Measures.