The annual income and expenditure scale of social security fund exceeded 13 trillion yuan

2022-08-26

On August 25, Li Zhong, Vice Minister of the Ministry of human resources and social security, introduced at the press conference on the theme of "China's decade". In the past decade, the construction of China's social security system has entered the fast track, and a social security system with distinctive Chinese characteristics, the largest scale in the world and complete functions has been built. The number of people participating in basic old-age insurance, unemployment insurance and industrial injury insurance increased from 790 million, 150 million and 190 million in 2012 to 1.04 billion, 230 million and 290 million in June 2022. The accumulated balance of the three social insurance funds was 6.9 trillion yuan, the annual income and expenditure scale of the funds exceeded 13 trillion yuan, and the market-oriented investment and operation funds exceeded 8 trillion yuan. Li Zhong said that China has focused on enhancing fairness, adapting to mobility and ensuring sustainability, and has promoted the construction of a social security system that covers the whole people, integrates urban and rural areas, is fair, unified and sustainable, and has made achievements that have attracted worldwide attention. Li Zhong introduced that China has carried out top-level design of pension insurance and introduced the overall plan of pension insurance system reform; Unify the old-age insurance system for urban and rural residents, and form two basic old-age insurance system platforms for urban workers and urban and rural residents; Carry out the reform of the old-age insurance system of government organs and institutions, and realize the integration with the old-age insurance system of enterprises; We will introduce measures for the investment management of basic old-age insurance funds and carry out market-oriented investment operations; We will establish a central adjustment system for enterprise pension insurance funds, and comprehensively realize provincial-level coordination of pension insurance. At present, we are stepping up the implementation of national coordination of pension insurance; The establishment of an occupational pension system and the introduction of an individual pension system have filled the gaps in the multi-level and multi pillar pension insurance system. China has implemented the national insurance plan to promote the participation of key groups. From 2012 to the end of June 2022, the number of people participating in basic old-age insurance increased from 790 million to 1.04 billion. By the end of June, the number of social security card holders exceeded 1.36 billion, of which more than 575 million were electronic social security cards. The level of treatment has been steadily improved. Taking into account such factors as price changes, employee wage growth, fund bearing capacity and financial situation, since 2012, China has continuously adjusted the basic pension for retirees of enterprises, organs and institutions, and established and improved the mechanism for determining and reasonably adjusting the basic pension benefits. Since 2014, the basic old-age insurance for urban and rural residents and the national basic old-age pension standard have been raised for four times. In 2020, in order to effectively cope with the impact of COVID-19, China implemented the unprecedented policy of "reduction, reduction and subsidy", and the three social insurances, including pension insurance, reduced the burden of enterprises by 1.54 trillion yuan. This year, the government also introduced the policy of helping enterprises to alleviate difficulties, and delayed the payment of the unit contributions of the three social insurances in stages. These policies have a high gold content and a wide range of benefits. Li Zhong said that in the next step, the Ministry of human resources and social security will actively adapt to the needs of the aging population, the new urbanization and the diversification of employment methods, continue to promote the major reform of the social security system, and constantly expand the coverage of social security, especially to include more flexible employees in the scope of social security. (news agency)

Edit:Wei Li Bin    Responsible editor:Yin Bing

Source:Economic Information Daily

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