All citizens to receive old-age insurance
Print Edition
CHINA will extend old-age insurance to its entire population, the leadership decided at its plenary session.
State capital will be used to augment the existing social security fund, according to a communique released after the four-day Fifth Plenary Session of the 18th Communist Party of China Central Committee.
The government said in March that nearly 200 million Chinese have yet to be included in the old-age pension scheme.
The statement also said: “China will implement critical illness insurance system in full scale,” suggesting it too will be rolled out to the entire population.
As of the end of September 2014, about 650 million Chinese were covered by critical illness insurance, preventing them from bankruptcy as a result of medical bills.
The communique said China will “hold on to the path of development shared by all,” working toward “development for the people, by the people and shared by the entire population.”
It also stressed equal opportunities and social security so that everyone can attain a moderately prosperous life.
It said the government will ensure a fairer distribution of capital to deprived regions, strive to improve education by removing high school tuition fees, and enhance health care by rationalizing drug prices.
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