Covering 1.07 billion people! China has built the world's largest pension insurance system

2024-05-31

Social security is a major issue in governing the country and ensuring national security. The latest data shows that as of the end of March, the number of participants in China's basic pension insurance was 1.07 billion, an increase of 14.34 million compared to the same period last year. After years of stable development, China has built the world's largest pension insurance system. To ensure that the people have a sense of security in their old age, China has established two major institutional platforms: employee pension insurance and urban and rural resident pension insurance. Currently, the system has fully covered the legal population. As of the end of March, the number of social security card holders in China reached 1.38 billion, covering 98% of the population. Minister of Human Resources and Social Security, Wang Xiaoping, stated that in recent years, China has unified the urban and rural resident pension insurance system, promoted the integration of government agencies, public institutions, and enterprise pension insurance systems, achieved national pooling of basic pension insurance for enterprise employees, and established a personal pension system. At present, a multi-level and multi pillar pension insurance system has been basically formed. According to data from the National Bureau of Statistics, by the end of 2023, the population aged 60 and above in China exceeded 296 million, with a large elderly population base and a fast aging rate. Accelerating the improvement of the pension insurance system is of great significance. The Ministry of Human Resources and Social Security stated that the next step will continue to promote the national pooling of basic pension insurance for enterprise employees, carry out provincial government pension insurance work assessments, actively develop the third pillar pension insurance, comprehensively promote the personal pension system, and improve coverage and payment levels. We will improve the pension insurance system for urban and rural residents, steadily promote more eligible collective economic organizations to provide subsidies to insured individuals for their contributions, and encourage them to pay more and pay more for a long period of time. The social security system is a safety net for people's lives and a stabilizer for social operation. In terms of enhancing the accessibility of social security, the human resources and social security department plans to include more people in the coverage scope. We will focus on key groups such as new forms of employment, flexible employment, and migrant workers, improve insurance policies and measures, increase the number of insured individuals, optimize the structure, and ensure that the rates and benefits are in line with each other, and promote the resolution of issues such as "missed insurance", "out of insurance", and "out of insurance". (Lai Xin She)

Edit:GuoGuo    Responsible editor:FangZhiYou

Source:People.cn

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