China able to pay aged-care pensions in full
Print Edition
CHINA is capable of ensuring full and on-time payment of aged-care pensions even after reducing business contribution to social insurance schemes, a senior official said yesterday.
According to results of repeated calculations, the income for the social security funds will still outnumber spending despite lowering of the share borne by employers for urban workers’ basic aged-care insurance, Zhang Jinan, minister of human resources and social security, said on the sidelines of the annual legislative session.
Zhang said China’s nominal enterprise contributions to social insurance schemes are comparatively high and have some room for reduction.
“Lowering the share borne by employers for urban workers’ basic aged-care insurance can vitalize firms to expand production and employment, thus introducing more insurance payers and creating a bigger social security fund ‘pie’ to form a virtuous circle and enhance the mechanism’s sustainability,” Zhang said.
The reduction of enterprise contribution to social insurance schemes is part of China’s broader efforts to ease firms’ financial burdens by further cutting taxes and fees on businesses.
In addition to a strategic stock of about 2 trillion yuan (US$298 billion) in national social security funds, China has about 4.78 trillion yuan of enterprises aged-care insurance fund in balance, representing a rather strong guarantee, Zhang added.
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