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Pension funds yield surplus in 2013
Print Edition
The Chinese government yesterday said the country’s pension funds account balance is in surplus, a sharp contrast to reports of a possible pension crisis that had led to public concern.
The total balance of funds for registered urban workers, unemployed urban residents and rural residents stood at 3.1 trillion yuan (US$506 billion) at the end of 2013, of which, 2.8 trillion yuan was the balance for registered workers’ pension, said Hu Xiaoyi, vice minister of human resources and social security.
Hu said the total income of pension insurance for registered urban workers reached 2.25 trillion yuan last year while payments stood at 1.84 trillion yuan, creating a surplus of over 400 billion yuan in 2013.
“The data showed that the account of China’s pension funds is in surplus, and we don’t face a pension shortfall,” Hu said.
He said market forecasts last year claiming that China would face a pension shortfall exceeding 10 trillion yuan by 2013 were groundless.
He said that because the Chinese population is rapidly aging, authorities will have to make a balance forecast for pension funds in the future, and this requires more comprehensive analyses and precise calculations.
China has the largest senior population in the world, with 194 million people at or above the age of 60 at the end of 2012, said the China National Committee on Aging.
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