In­di­vid­ual pen­sion pay­outs ‘can­not be al­tered’

The China Post - - LOCAL - BY GRACE TING- ANN LEE

The Bureau of La­bor In­sur­ance re­minded pen­sion­ers that they can­not al­ter la­bor in­sur­ance pay­ment meth­ods for old-age ben­e­fits once they are ap­proved and is­sued.

The gov­ern­ment es­tab­lished the La­bor In­sur­ance Pen­sion in 2009, through which em­ploy­ees can choose dif­fer­ent old-age ben­e­fits ac­cord­ing to their age and qual­i­fi­ca­tions. Ap­pli­cants can also choose whether they want to re­ceive their pen­sions in one lump sum or by monthly in­stall­ments. Yet, once the type of pay­ment is ap­proved it can­not be changed.

Many em­ploy­ees have asked to change to monthly pay­ment, even af­ter they ini­tially opted for the lump sum pay­ment. In or­der to re­mind ap­pli­cants, author­i­ties has re­vised the ap­pli­ca­tion form by high­light­ing op­tions with bold­face type face printed in red, re­mind­ing em­ploy­ees to cal­cu­late the amount of their old-age ben­e­fit through a method pro­vided be­fore­hand.

Ac­cord­ing to the Bureau of La­bor In­sur­ance, the cal­cu­la­tion of the sin­gle pay­ment of the old-age ben­e­fit has helped over 3.47 mil­lion peo­ple, us­ing the ap­pli­cants’ ac­cu­mu­lated in­sur­ance and their av­er­age monthly in­sur­ance salary af­ter re­tire­ment to con­clude the lump­sum ben­e­fit. This will help them ar­rive at their de­ci­sion be­fore they sub­mit their ap­pli­ca­tion.

Yet many em­ploy­ees still re­gret their de­ci­sion af­ter they have sent old-age lump sum ben­e­fit ap­pli­ca­tions, the bureau stated.

Start­ing from June this year, peo­ple who leave their cell­phone num­bers on the lump sum ben­e­fit ap­pli­ca­tion will re­ceive a text mes- sage from the bureau. The text mes­sages re­mind ap­pli­cants they have ap­plied for a sin­gle pay­ment ben­e­fit and can­not be changed, to let peo­ple think about whether their choices meet their de­mands. If they want to change their de­ci­sion, they must call the bureau within seven days af­ter re­ceiv­ing the text to change pay­ment mea­sures.

Ac­cord­ing to sta­tis­tics col­lected up to July, over 10,000 em­ploy­ees have re­ceived text mes­sages re­mind­ing them to choose the type of pay­ments of in­sur­ance pen­sions care­fully.

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