Guangdong province pension insurance rules updated

Since Friday, South China's Guangdong province has allowed residents from Hong Kong, Macao and Taiwan who have paid their endowment insurance for more than 10 years but less than 15 years at the age of their retirement to continue to pay their pension insurance to 15 years, allowing them to get pensions in the province.

Meanwhile, those who still have yet to pay the insurance for 15 years after the five-year payment extension also can enjoy the province's pension when they have paid the pension insurance to 15 years at one time.

According to a statement released by Guangdong provincial government on Monday, only those who have paid their pension insurance for more than 15 years can enjoy the social pension and medical insurance when they retire in the prosperous province, which was the window of the country's reform and opening up.

And those who have yet to pay pension insurance for 15 years will not be able to enjoy the pension and related medical insurance in Guangdong, the statement said.

Local companies also are encouraged to set up an enterprise annuity system for the residents from Hong Kong, Macao and Taiwan to increase their pension and other social welfare after retirement, the statement said.

And Guangdong companies are allowed to use their company funds to help buy commercial pension insurance for high-end talents from Hong Kong, Macao and Taiwan who do not attend the endowment insurance and medical treatment insurance in the mainland. 

The move aims to encourage more talents from the three Chinese regions to join hands in the province's economic construction in the coming years.

Guangdong, one of the country's economic powerhouses, is sparing no efforts to attract more talents from home and abroad to continue its sustainable economic growth in the years to come, the statement said.