五险一金 (five insurances one fund)
五险一金 wu3 xian3 yi1 jin1 (five insurances, one fund)
For everyone working in China this means something - but I am unsure exactly what it means. At a simple level, deductions to your pay will be made by your employer, ostensibly for workplace injuries/illness, unemployment, retirement, health, and maternity. I have been told that it will be 11% of your pay, and foreigners will have deductions made for all five insurances. There has been some talk about foreigners being able to recover payments where they are not legally able to benefit from the insurance. In my experience employers are saying they have not been told how it will work.
There is a lot of talk about it and I am hoping some poddies have something to share.
It will affect both Chinese citizens and foreigners, but the impact will not be the same for everyone. I would be interested to hear anything anyone knows about this government initiative.
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