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Human Rights & Social Issues

China completes its pension system 8 years ahead of schedule

China’s Central TV (CCTV) reports: The government announced [Friday] its urban and rural residents’ pension system is now in full operation in all of China’s 2,853 county-level administrative areas.

This marks the completion of the establishment of the largest pension insurance system in the world, 8 years ahead of schedule.

By the end of September, 449 million people had joined the urban and rural pension insurance scheme in the entire nation, among whom 124 million older than 60 have begun to receive monthly pension, accounting for 95% of the people at qualified age.

The total number of people insured, including those who have residents’ pension insurance and those who have urban and rural staff and workers’ pension insurance, exceeds 700 million.

Before 2009, there was no urban and rural residents’ pension insurance at all. Over the past three years, the pension insurance system has not only extended to an increasingly larger area, but the amount of pension old people get has increased gradually.

Now the basic pension is 55 yuan (US$8.60) per month (the lowest) and exceeds 90 yuan (US$14.10) per month on average.

China owes to the funds subsidised by the state in being able to complete the establishment of its pension insurance system 8 years ahead of schedule. In 9 provinces and municipalities in eastern China including Beijing, Tianjin, Shanghai, Liaoning and Shandong the central finance contributes half of the 55-yuan basic pension; while in other areas, it contributed all the 55 yuan.

Meanwhile, the government subsidised 30 yuan (US$4.30) for each resident who takes the insurance. Over the past 3 years, central and local governments have made a total contribution of nearly 200 billion yuan (US$31.4 billion)

About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee


One thought on “China completes its pension system 8 years ahead of schedule

  1. Reblogged this on Chindia Alert: forewarned is forearmed and commented:
    In no time at all, China may well have better state pensions than many Western countries!


    Posted by keeper @ chindia-alert | October 15, 2012, 4:31 pm

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