Let’s compare social security in China vs Hong Kong, and you’ll understand why I don’t write about China’s social security/pension system anymore. In China, social security contributions are roughly 70% paid by the employer and 30% by the individual. If you withdraw, you can only get back the full amount of your personal contributions, while the employer’s portion goes into the pooled fund. Essentially, you’re refunded about 30% of the total contributions. China’s social security requires monthly payments, with a minimum contribution period of 15 years. If a woman starts working at 20 years old, she’ll need to contribute for about 38 years until retiring at 58. For men, retirement is at 63, meaning about 43 years of contributions. These are the latest legal retirement ages. Once you reach the legal retirement age, the government will pay you a monthly pension based on your contributions. This allows you to receive a pension every month. In Hong Kong, social security doesn’t require any contributions. It’s designed to provide basic living support if you encounter accidents or difficulties. The fundamental difference between the two systems is this: In Hong Kong, you contribute to a provident fund, and when you retire, you can withdraw the full amount of both employer and personal contributions. In China, according to the "Social Insurance Law," Article 2 requires a minimum contribution period of 15 years. Article 6 states that personal accounts cannot be withdrawn early, and pensions are only accessible upon meeting legal conditions. If you lose Chinese nationality, you can terminate the account. There are no conditions when collecting payments, but conditions are added when enjoying benefits. Now, the contribution base and required years keep increasing, and the retirement age keeps getting pushed back. This is a classic example of a Ponzi scheme. Right now, it’s a liquidity crisis—cutting off the top and bottom, leaving only the middle to float.