Is it worthwhile to pay social security for foreigners in Shanghai?

It is necessary for foreigners to pay social security in Shanghai, no matter where people pay social security.

For example, medical insurance, medical expenses are very high now. If you don't have medical insurance expenses at your own expense, it is very high. Including pension insurance, pension is the main source of income after retirement. Therefore, it is very necessary to buy social security.

The social insurance plan is organized by the government, forcing a certain group to use part of its income as social insurance tax (fee) to form a social insurance fund. Under certain conditions, the insured can get fixed income or loss compensation from the fund, which is a redistribution system with the goal of ensuring material and labor reproduction and social stability.

Social insurance is mainly through raising social insurance funds, coordinating and adjusting social insurance funds within a certain range, and giving necessary help to workers when they encounter labor risks. Social insurance provides basic living security for workers. Workers can enjoy social insurance benefits as long as they meet the conditions for enjoying social insurance, that is, they have established labor relations with employers or paid various social insurance premiums according to regulations.

Social insurance is the core content of social security system. Social insurance refers to the system that the state establishes a social insurance fund through legislation to give necessary material help to workers who participate in labor relations when they lose their ability to work or are unemployed. Social insurance is not for profit.

legal ground

People's Republic of China (PRC) social insurance law

Twenty-seventh individuals who participate in the basic medical insurance for employees, when they reach the statutory retirement age, will no longer pay the basic medical insurance premium after retirement and enjoy the basic medical insurance benefits in accordance with state regulations; Those who have not reached the fixed number of years prescribed by the state may pay the fees to the fixed number of years prescribed by the state. Thirty-first social insurance agencies may, according to the needs of management services, sign service agreements with medical institutions and pharmaceutical business units to standardize medical service behavior.

Medical institutions shall provide reasonable and necessary medical services for the insured.