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Government tries to calm pensions default fears
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China's pension fund is "operating stably," said an official on Friday, trying to calm fears of a pensions default as the rapidly aging population puts pressure on funding.
"In the first 10 months of 2015, China's pension fund had a surplus of more than 210 billion yuan (US$33 billion)," said Li Zhong, spokesperson for the Ministry of Human Resources and Social Security (MOHRSS).
"Generally speaking, the pension fund is operating stably and able to make payments," Li said.
Since 2014, an increasing number of provincial-level regions have reported pension fund deficits due to rising pension standards and increasing retirees.
In China, urban employees pay for their pension before retirement and usually get a pension equal to about half of their previous salary. The current statutory retirement age is 60 for men and 50 for women, where as it is in the mid-60s in many other countries.
China has 210 million people aged 60 or above, accounting for 15.5 percent of the population. It is estimated that by 2020, over-60s will make up 19.3 percent of the population, and 38.6 percent in 2050.
To defuse the pressure on pension payment, the MOHRSS will diversify and improve the pension fund's investments, and coordinate surplus and deficit across regions to balance supply and demand, according to Li.
"The MOHRSS is also busy drafting a plan to gradually postpone the statutory retirement age," said the spokesperson, adding that the age will be postponed by months every year, not in a one-step manner.
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