For instance, farmers who joined the new rural social endowment insurance and later the basic endowment insurance after finding a job in cities can merge the two programs into one basic endowment as long as they pay the premiums for the latter program for at least 15 years.
Endowment insurance is a complicated issue in China, as the premiums people pay and pensions they collect differ among the three insurances, and they also differ from place to place.
In Chongqing, for instance, the individual premium for an employee can range from 107 yuan ($17) to 1,600 yuan a month this year. The premiums for both local non-working urban residents and rural residents range from 100 to 900 yuan a year.
"Each person can only collect pension from one type of endowment insurance after reaching retirement age," the draft says.
Local social security bureaus are asked to accomplish transfer procedures within 45 days after receiving applications, according to the draft.
Ensuring a transfer of different social endowment insurances will help people better decide a more appropriate insurance for themselves, and it will do good to avoid losses in insurance premiums, experts said.
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