| Retirement age in China is likely to postpone to 65! | |
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| Dec 13, 2008 05:22 | #11   |
 | Yes Cherry, what about the farmers? I don't know about China. In my country, the government under Ministry of Welfare will provide support for the have nots, including poor farmers, through state welfare departments and other relevant ministries that are focussing with income generating. Wan |
| Dec 14, 2008 19:06 | #12 |
| >> last drawn salary X months of work X 7.5%. If he works for 300 months with last drawn salary of 5000 per month, he gets gratuity of 112,500 and monthly pension of 2500 until his demise.<< Mr. Wan, civil servants just got the pension income valued at 50% of the salary after 25 years service? In China, I think the counterparts can get retirement pension at 100% of salary. In the country I live, I guest they also adopt British Rule of defined pension benefit plan formular with around monthly pension income at 75% of monthly salary with upper limits and lower limits if they serve too long or too short. Anyway, it's really a good deal. |
| Dec 14, 2008 21:06 | #13 |
| Wanhu, As far as I know, farmers in China don't receive any pension though the governent has made preferential policies for them. In the past, farmers are supported by their fields. Now, their fields are gradually disappearing because of urbanization. Many farmers go to the big cities to do some mean manual jobs to make a living. Take my hometown for example. When I was in high school, people in our village had more lands. Now a rolling mill has been built on their lands. Just in 5 years, great changes have taken place in my village. In China, I think the counterparts can get retirement pension at 100% of salary. Some people's retirement pension far exceeds their salaries. |
| Dec 14, 2008 21:17 | #14 |
| UK tax payers are each contributing an average 226 GBP (2260 yuan) to fund public sector pensions which will pay out far in excess of their own pension. This isn't fair. We pay our money to support them and finally we can't get our pension. That's why I started another thread "Should the local governments raise the civil servants' salaries?" They earn more than us. When they retire, they get more pension too. During the financial crisis, their salaries have been raisen. What about us? |
| Dec 15, 2008 07:09 | #15 |
| I think it's a good policy as he no longer works, why should he be paid with full salary? And part of the money comes from the taxpayers. No doubt he has served the government for 25 years, but the government needs to pay almost RMB8 billion annually to 510,000 pensioners, and not to mention the amount the government has to pay for almost 1.2 million to its present employees. That is a Malaysian experience. Wan |
| Dec 15, 2008 21:47 | #16 |
| In the USA, government workers can retire after a certain number of years of service; I believe they can take retirement after 20 years. These workers do not have to wait like everyone else until they hit retirement age, which I believe is around 65. I don't buy the part about living longer and not having enough money to pay the workers. It is easier for me to believe that government and industry want to push the retirement age as far out as possible knowing that an increasing number of workers will die before they get to collect their benefits. |
| Dec 16, 2008 05:05 | #17 |
| You're probably right Griz, but in the UK public sector pensions are not paid out from a pension fund, (investment fund) they are paid from current tax income. So the more pensions there are to pay the more tax has to be raised from current tax payers. |
| Dec 16, 2008 19:44 | #18 |
| Here public service workers’ pension pool funded by gov. tax income and is separated from national pension funds. Their pension income is formulated by their special plan and national pension funds. They give the impression of lazy fat cats who are good at massaging jobs and sucking tax payers blood. |
| Dec 16, 2008 21:25 | #19 |
| Marrie, which country do you refer to? |
| Jun 6, 2012 21:42 | #20 |
| The latest news goes that China will soon publish a flexible retirement policy. The suggested retirement age is 65 for male and 60 for female. But it may differ according to work categories. A report said that the population of Chinese seniors whose age above 60 now covers 11% of China's total population. And China will propose a more flexible pension system thereafter. |
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