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Draft seeks to simplify pension planning

By Chen Xin (China Daily)

09:43, November 28, 2012

Proposal makes it possible to merge social endowment insurance benefits

Yuan Xiaoqun felt relieved after she heard of a draft policy that would make it easier to deal with her complicated pension accounts.

The 41-year-old Chong-qing resident, whose left leg was broken in a car accident in 2010, worked at a local motorbike parts manufacturer for 10 years, and she paid pension premiums every year.

After the accident, she had to quit her job and joined a new pension program for non-working urban residents.

"Before the new draft regulation, I did not know how to deal with the two insurances I participate in," she said. "But now I can make a wiser pension plan."

The draft regulation Yuan was speaking about was released on Monday by the Ministry of Human Resources and Social Security to ensure conditional transfers of the country's three types of social endowment insurances and to benefit the potential 750 million residents who joined at least one of the three programs.

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