Pensions Face Up To Aging Challenge
Source: Xinhua |
March 9, 2011, Wednesday
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Print Edition
Print Edition
AN aging population poses a huge challenge to China's pension system, social security minister Yin Weimin said yesterday.
The country now has 170 million people over the age of 60, some 12.8 percent of the total population, Yin said.
Last year, a total of 1.3 trillion yuan (US$197.9 billion) of pension premiums was collected and about 1 trillion yuan handed out, resulting in a balance of 300 billion yuan, he said.
The government will try to make the national social security funds expand its total value through investment, along with the country's economic growth, he said.
The country now has 170 million people over the age of 60, some 12.8 percent of the total population, Yin said.
Last year, a total of 1.3 trillion yuan (US$197.9 billion) of pension premiums was collected and about 1 trillion yuan handed out, resulting in a balance of 300 billion yuan, he said.
The government will try to make the national social security funds expand its total value through investment, along with the country's economic growth, he said.
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