Wednesday, February 27, 2013

China covers some 484 Million Citizens with a Pension Plan

Xinhua Web Editor, Mao Yaqing, reports that nearly 500 million Chinese are now covered by a pension plan.  The program extends to over 300 million urban Chinese and has doubled the percentage of those with pension coverage since 2007.  This is an outstanding achievement for the people of China. 
China's pension system covered 484 million people as of 2012.

"Gross revenues for social insurance funds totaled 2.85 trillion yuan (457.45 billion U.S. dollars) and gross expenditures reached 2.21 trillion yuan in 2012, 2.63 times and 2.8 times that of five years ago, respectively, the ministry said. Basic endowment insurance per capita has increased 86 percent compared with five years ago," according to the news account.

China's social insurance funds comprise five parts: basic endowment insurance for the elderly, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance.

As the world's most populous country, China faces enormous challenges to support its current and future older citizens.  Only fifteen years ago, China was creating a fully developed pension program for its population. Now, the results can be seen for its urban citizens.   As in other nations, China must also face the needs of its citizens in the country-side where pensions appear more difficult to create, fund and distribute.

If you have first-hand knowledge of these developments, please share them with Global Action on Aging.   

Susanne Paul
Global Action on Aging

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