Rules governing social security fund published
Print Edition
THE State Council yesterday published a document on the regulation of the social security fund.
The majority of the social security fund comes from central government budget, state-owned capital and the fund’s investment return, according to the regulation.
The fund, which is managed by the National Council for Social Security Fund, will supplement and regulate social security expenditure including pensions, the document said.
The regulation also stipulates multiple risk prevention and control measures for the fund’s operation and management, and provides the range of the fund’s investments, internal control systems and management of fund managers.
The central government’s finance and insurance authorities will supervise the fund’s operation.
The fund will also be subject to audits by the National Audit Office. The audit results and the fund’s operations will be made public annually.
Unlike social insurance funds, which require current payments to cover citizens’ pension, medicare, unemployment and maternity benefits, the social security fund, established in August 2000, is a “ballast” reserve for future expenditures among an aging population.
As no immediate solvency is needed, the social security fund is more suitable for medium and long-term investments.
At the end of 2015, the fund totaled 1.5 trillion yuan (US$231 billion).
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