I am working out my long term plan with
Vermögenswirksame Leistungen. Do anyone has experience in it?

I know this contract with bank is for 7 years (sad GC), but I really do not want to wait for the long haul of Immigration law and I still optimist with the "after 5 years-we can apply for PR"

DD

Hey DD,

Don't worry German Government will come up with new immigration law within a short period. Many people has unlimited contract with their companies.

VSK

hello srikanth
can you please tell me in short what does a unlimited contract means.
what are its termination conditions.what are its benifits.
I hope i may soon sign such a contract.
Thank you in advance
ballu

Hi Ballu the nomad

Unbefristete Arbeitsvertrag means unlimited contract.

Gott sei Dank I have one of those.

The only thing it means is normally the contracts you sign have a starting date and an expiration date. "Mr. XX is hired as YY from mm.dd.yyyy TO mm1.dd1.yyyy1".

In a unlimited contract, you don´t have a time limit. You will work in your job as long as you work correctly and you make your job.

Of course have clauses with terms for resignation/firing, but the normal job is unlimited.

But, all of this means nothing here. You cannot get a credit (I guess a new modification to the software most of the banks uses to analyze credit ability of a customer = 5 years minimum permanency in Germany for non EU citizens), or other trivial things because you have a stamp in your passport.

I guess it can clarify your ideas

Regards

YO

Hi All

I am working in MNC on GC and my HR sent a mail confirming that they spoke to authorities about after 5 years, the first response was that there won't be any problem to convert GC to normal work permit (means we need every year VISA renewal). I also knew that there are colleagues working here on work permit for more than 7 years and applied for permanent residence and got it. That means for GCs if still want to continue with job we loose some social benefits (if immigration law is not there). But if company wants and you like the job there is some hope (still in the loosing side???).

With BR
mama

Why you say that you cannot get credit ? I asked for my first credit 6 months after arriving to Germany to buy a car and got it without any problems. A year later I sold car, repaid credit and asked for another credit for another car (from different bank) - and also got it. Recently I decided to get credit card - and again - no problems...

Thanks mama for the overview

Is good to read some optimistic message once in a while.

Our old (;-)) and wise Detleff allways has said the same. If your boss wants you to keep working, he can help you to keep living in Germany, but almost nobody hears. Cheers to him!.

But Mama, could you please mention which social benefits we will loose? Have us any other social benefit than the rest of the normal germans? I didn´t know it.

Regards

YO

Hi

I mean that may be we loose unemployment benfits, like with GC you get some mony from Govt., and you can still live 6 months to searching for a new job, I don't think we get those benfits from Govt. once we convert to Work permit.

But otherside once you creoss 5 years mile stone you are entitled for pension (If some one willing to stay for long here) and may be some other benfits that we are not aware of?

Any inputs/comments?

With BR
Mama

Hi Mama

Sorry, but I guess you´re wrong.

We don´t get this benefits because we are GC. We get those benefits because we are working here, and in one way or another with our taxes we are paying this benefits.

You are paying with your salary an "unemployment money" and also some money for your future retirement fund.

I know some people with this "Unbrefrisstete Arbeitserlaubnis" who received once unemployment benefit and also he/she planned to retire once.

Just my opinion, but some steps must be followed before all of this steps.

YO

I think ALL banks will take your for any plan where you pay. (As for the Vermögenswirksame Leistungen) It is when it comes to lending money, they will relatively easy give you money for a car or small sums. It is when you want a big credit (like buying a house), that they will get picky, specially if you have little money of your own to contribute. At the moment most banks are trying to expand the secondary market for debt, so they are automating credit rating and so on to make the processing costs lower, they supposedly use information like the place where you live, your income, your credit history and so on.

The only advantage of being a GC at the moment is that they will be more lenient if you loose your job compared to what would happen if you had a normal Residence Permit.

Anyway if the negotiations today don't lead anywhere, I think the government will just opt to give a discrete instruction to automatically qualify GC holders to an unlimited RP (which is what indirectly can be read from the letter from the russian GCs), and perhaps try to publicise this as a consolation achievement, this has no political cost, and would save a bit of face.