Latest News:  
Beijing   Sleet/Cloudy    5 / 0   City Forecast

People's Daily Online>>China Business

China aims to extend old-age pension scheme to cover all residents

(Xinhua)

10:39, March 05, 2012

BEIJING, March 5 (Xinhua) -- China is trying to make a frog jump in building its social security system by further extending the old-age pension program to cover all residents, Premier Wen Jiabao said in a government work report delivered at the parliament's annual session Monday.

"By the end of the year, we will have achieved full coverage of the new old-age pension system for rural residents and the old-age pension system for non-working urban residents," Wen said at the Fifth Session of the 11th National People's Congress opened here Monday.

China's pension program includes pension funds for urban employees and unemployed urban citizens, as well as a new "rural social pension insurance system" which has been in effect on a trial basis since 2009.

By the end of 2011, more than 60 percent of China's counties had already been covered by the program, according to the report.

Meanwhile China is exploring new channels to increase the value of its huge amount of social security fund.

"We will increase the social security fund through a variety of channels, and strengthen oversight and supervision of investment from the social insurance fund and social security fund to increase their value," Wen said.

Email|Print|Comments(Editor:张茜)

Leave your comment1 comments

  1. Name

Ron at 2012-03-0550.102.160.*
Your story does not tell us what the Social Security System is in China. Now we are curious and require the rest of the story. What is the Retirement Age in China ?
  

Selections for you


  1. Flag-raising ceremony on Tiananmen Square

  2. DPRK leader Kim Jong Un inspects Panmunjom

  3. Rubbish piles up on beaches of Hainan

  4. A journey in Tibet: Mila Mountain

Most Popular

Opinions

  1. Is international 'hot money' flowing into China?
  2. China's economy to roar ahead amid global woes
  3. U.S. solution to Syria issue doomed to failure
  4. Trust key to stability on Korean Peninsula
  5. Public will increasingly swaying diplomatic policies
  6. Political dialogue is right solution to Syrian crisis
  7. West's pressure no sway on China's defense budget
  8. Manila returns to usual games of cat and mouse
  9. How should China cope with US return to Asia?
  10. China-US relations have become irreversible

What's happening in China

Workforce limit may affect prices, wages

  1. Letting the grain take the strain
  2. World's biggest exhibition center set for Shanghai
  3. Sacred mountain to get massive facelift
  4. Xinjiang in stable conditions: official
  5. Take shark fin off official menus

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai