Advanced Search

The story appears on

Page A2

July 12, 2019

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home 禄 Nation

State to inject funds in pension schemes

Source: Xinhua | 00:10 UTC+8 July 12, 2019 | Print Edition

CHINA will replenish social security funds through the injection of state capital this year to make the funds more sustainable. Policies to reduce employers’ contributions to social insurance schemes will be further implemented to ensure that pensions are paid on time and in full.

The decision was made at the State Council’s executive meeting chaired by Premier Li Keqiang on Wednesday. Li has set out measures for such capital transfer in the Government Work Report for four consecutive years.

The State Council issued the implementation program on replenishing social security funds with state capital in November 2017, deciding to pilot the measure in selected central and local state-owned enterprises.

It was decided in the guideline to set the transfer ratio at 10 percent of these enterprises’ state-owned equity, with the exception of state-owned enterprises serving public interest, cultural enterprises, policy and development financial institutions and those otherwise stipulated by the State Council.

“We need to ensure that work on this front progresses steadily and effectively and sends a reassuring message to the public,” said Li.

It was decided at the meeting that the pilot measures introduced will be extended nationwide this year.

Large and medium-sized state-owned and state-controlled enterprises at both central and provincial levels, as well as financial institutions, will see 10 percent of their state-owned equity transferred to the National Council for Social Security Fund and relevant local receiving entities who shall, as financial investors, enjoy the right to yields from the transferred equity.

Various social insurance funds are in steady operation, and are competent in ensuring payments on time and in full. Policies to reduce social security contribution rates delivered notable effects in the first half of this year, as companies saw their spending on workers’ basic pensions, unemployment insurances and work-related injury insurances decreased by over 128 billion yuan (US$18.5 billion).

Nation
锘

 

Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

娌叕缃戝畨澶 31010602000204鍙

Email this to your friend


锘