[revealer]

Cannot compare without any figures.  Their system is working on an insurance basis which means they would have to pay a premium to get the benefit when they retired or when they are sick.  Nothing belongs to them.  Think all "makan" by the Government if you don't and cannot claim the insurance. All the insurance premium are being paid for by the employers. 

They will insure you almost everything from medical to unemployment etc

If one were to look at the premium the companies are paying,  one will find that this system is not sustainable.  It will cost the employers a bomb;  luckily,  their salary is low.  Many employers cheated because they can't afford to pay the premium.  Also,  one will have to apply case by case to get the payout from the insurance.  Understand that not all cases will automatically get an insurance payout,  just like any other insurance scheme. 

This article give an example of the contribution for the insurance. The maximium premium to be paid can be 3 times the worker's salary.  It sounds like a blood-sucking system to me.

[Social security contribution base = Previous year’s total income / 12*

*For new hires, the starting salary may be used as the social security base during the first year.

Secondly, the base figures for social security contributions have floors and ceilings. Generally, the contribution base is capped at 300 percent of the average local salary. And the minimum contribution base is usually decided either by the local minimum wage or certain percentage of the average local wage.

For example, Guangdong’s average salary in 2018 was RMB 6,338 (US$894.04). The maximum monthly contribution base for an employee who works in Guangdong is three times this amount – RMB 19,014 (US$ 2,682.11) and the minimum contribution base is 60 percent of this amount – RMB 3,803 (US$ 536.45). (US$1 = RMB 7.09).

https://www.china-briefing.com/news/chin...explainer/  ]