How to transfer foreign social security to Shanghai

Social insurance is a non-profit social security system with the function of redistribution of income, which the state has to prevent and compel most members of the society to participate in. Below is the flow chart of how to transfer social security to Shanghai for foreigners.

Expanded Information

Social insurance is a social and economic system that provides income or compensation to a population that is incapacitated, temporarily out of work, or has suffered a loss due to health reasons. The main programs of social insurance include pension insurance, medical insurance, unemployment insurance, work injury insurance, and maternity insurance.

Social insurance scheme is organized by the government, which forces a certain group of people to form a social insurance fund by paying a part of their income as social insurance tax (fee), and the insured can get a fixed income or compensation for loss from the fund if certain conditions are met, it is a redistributive system, and its goal is to ensure the reproduction of material and labor force and the stability of the society.

In our country, social insurance is an important part of the social security system, and it is at the center of the whole social security system. In addition, social insurance is a kind of contributory social security, the funds are mainly paid by employers and workers themselves, and the government financial subsidies and bear the ultimate responsibility. But workers can only enjoy the corresponding social insurance benefits if they fulfill their legal obligation to make contributions and meet the legal conditions.

Reference:

Baidu Encyclopedia-Social Insurance