12. Is it true that the old-age pension could be claimed in advance?
- Yes. If the insured person has more than 15 years of insurance coverage seniority but has not reached the legal qualification age for old-age pension, the insured person could claim old-age pension 5 years in advance. However, for every 1 year of old-age pension advancement, 4% of the original amount will be deducted.
- For example: Mr. Chen wants to retire at the age of 57 years old and his insurance coverage seniority is 32 years and 11 months and his average monthly insured salary is 32,000 dollars, he could claim for old-age pension 3 years in advance.
⇒Monthly Pension Amount: 32,000×（32＋1）×1.55％×（1－4％×3）＝14,404 dollars.