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Official Urges to Quicken Reform of Pension System
The Ministry of Labor and Social Security has urged to accelerate the reform of China's pension system.
It is the responsibility of the ministry to ensure timely and sufficient payment of pensions to the retired, said Vice-Minister Wang Jianlun, who was speaking at a national work conference.
The official has urged localities to increase their efforts in raising money for the pension funds.
Official figures show that at the end of May, a total of 97.7 million Chinese retirees had signed up the endowment insurance, up 15.3 percent from the end of 1998.
The number of endowment insurance participants is likely to be extended to 103 million by the end of this year, Wang said.
Wang urged to implement the Provisional Regulations on the Collection of Social Insurance.
By the end of June, 18.6 million retirees, approximately 64 percent of the country's total retirees, will receive their pension through the social security system, up 4.78 million year-on-year.
The State Council has demanded that 80 percent of the retirees get their pension benefits through banks, post offices and other social institutions by the end of this year, Wang said.
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