Draft seeks to simplify pension planning (2)

Those insurances include basic endowment insurance for the urban working group, new rural social endowment insurance for rural residents, and social endowment insurance for non-working urban residents.

At the end of September, the basic endowment insurance covered nearly 300 million people, and the other two covered another 450 million.

With the draft, on which public opinion is solicited until mid-December, the ministry has made clear for the first time that people who have yet to reach retirement age and have contributed to any two or three of those insurances can transfer and combine them into one type of insurance.

People who have contributed to rural or urban residents' insurance can have their premiums in both individual accounts and the government subsidies to combine with their premiums in basic endowment insurance.

But the precondition is that they have worked in cities and contributed to the basic endowment insurance for 15 years, according to the draft.

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