Social insurance law draft: retirement insurance can be transferred
The Standing Committee of the 11th National People's Congress has reviewed the draft of insurance law and added a supplement to make clear that the retirement social insurance can be transferred nationwide gradually.
According to the draft, there are five types of social insurance such as retirement, medical, work-related injury, unemployment and maternity insurance. The draft makes clear the transfer of basic retirement insurance. It stipulates that basic retirement insurance can be transferred to other cities if labors work in cities other than their hometowns. When the labor retires, basic retirement insurance will be calculated by social insurance bureaus of different cities where the labors have been employed. The pension will be paid by the social insurance bureaus where the labors reside permanently.
