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China's top legislature begins reading of draft law on social security funds
Source: Xinhua |
October 25, 2010, Monday
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Online Edition
Online Edition
CHINA'S top legislature today began its fourth reading of a draft law on social insurance that aims to prevent the improper use of social security funds.
The draft law stipulates that social security funds may neither be used to cover government budget deficits, build or renovate government offices, nor pay government agencies' day-to-day expenditures.
The draft was submitted to the Standing Committee of the National People's Congress today.
The first draft was submitted to the legislature in December 2007, following a scandal in Shanghai involving 3.7 billion yuan (US$502.3 million) of social security funds.
After investigations, authorities there determined that a municipal labor and social security bureau-owned company had illegally loaned the sum to Shanghai Feidian Investment Development Co. Ltd.
The draft law stipulates that social security funds may neither be used to cover government budget deficits, build or renovate government offices, nor pay government agencies' day-to-day expenditures.
The draft was submitted to the Standing Committee of the National People's Congress today.
The first draft was submitted to the legislature in December 2007, following a scandal in Shanghai involving 3.7 billion yuan (US$502.3 million) of social security funds.
After investigations, authorities there determined that a municipal labor and social security bureau-owned company had illegally loaned the sum to Shanghai Feidian Investment Development Co. Ltd.
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