Taxpayers-to-retiree ratio to approach 1-to-1 in China by 2035

16:06, May 16, 2011      

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At a seminar on social security and insurance in Guangzhou held on May 15, an expert predicted that every 0.9 taxpayer will have to support one elderly person in China by the year of 2035, which will put a huge strain on China's endowment insurance fund.

At the seminar, Cui Renquan, director of Guangzhou's department of human resources and social security, said the number of people in Guangzhou who had joined the insurance program was about 21 million by the end of national the 11th Five-Year-Plan period and ranked higher among the 15 domestic cities at the sub-provincial level. As of now, Guangzhou's social insurance fund has been increased to 66.4 billion yuan, which is more than twice the level it was at five years ago.

Cui also listed some statistics to illustrate the development of social insurance in Guangzhou.

In 1994, when the social insurance system was officially founded, a retiree of an enterprise could get 217 yuan per month as pension, but now the sum is 2,413 yuan, which is a nine-fold increase.

For urban workers, the numerical ceiling of their medical insurance was raised from 260,000 yuan per year to 420,000 per year. For urban citizens, the numerical ceiling of their medical insurance was raised from 80,000 yuan per year to 130,000 yuan per year.

With regard to unemployment insurance benefits, it has increased from 548 yuan per month on average at the end of China's 10th Five-Year Plan period to 1,040 yuan per month now, which amounts to an 89 percent increase.

Work-related injury pension has increased from 1,896 yuan per month on average at the end of China's 10th Five-Year Plan period to 2,525 yuan per month now, which amounts to a 33.2 percent increase. The one-time-only compensation for work-related injury has increased 172 percent from 139,000 yuan to 380,000 yuan.

On maternity insurance, the benefit is about 16,000 yuan, which is the highest in the whole country.


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(Editor:王千原雪)

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