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Implementation from September 1st! Three new cases of personal pension collection
China News Service On August 19, the Ministry of Human Resources and Social Security of China and five other departments issued the “Notice on Issues Related to Acquisition of Personal Pensions”, further enriching the situation of personal pensions, clarifying specific operating methods, and implementing them from September 1.
The notice stipulates that three new situations of personal pension collection are added:
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Within 12 months before the application date, the medical expenses related to basic medical insurance incurred by myself (or spouse or minor children) will exceed the per capita disposable income of residents in the previous year after deducting medical insurance reimbursement (referring to the self-paid part within the medical insurance catalog). -
The total unemployment insurance benefits will be received within 2 years before the date of application. -
We are receiving urban and rural minimum living security funds.
Previously, participants who meet one of the following conditions can receive personal pension.
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Achieving the age of receiving basic pension. -
Completely incapacitated from working. -
Go abroad to settle.
How to get personal pension?
The “Notice” clearly states that participants can apply for personal pensions through channels such as the National Social Insurance Public Service Platform, opening an account in the bank, and the social insurance agency where the current basic pension insurance relationship is located, and the social insurance agency can verify it by the social insurance agency. For those verified, the bank will withhold and pay 3% of the personal income tax by opening an individual pension fund account, and transfer the funds to the bank account of the social security card.
The “Notice” requires that local human resources and social security departments should complete docking with information platforms as required and do a good job in the management of receiving personal pensions. Strengthen information sharing with medical insurance, civil affairs and other departments, make full use of available cross-business and cross-level data, optimize the functions of the handling system, and provide convenient services for participants to receive personal pensions.
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