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China to launch pilot pension insurance program

06-14-2011 14:32 BJT

China is set to launch a pilot pension insurance program for the country's urban unemployed. Under the trial scheme, rural residents over the age of 60 can receive a monthly pension of at least 55 yuan.

The program will commence on July 1st, and is part of the country's efforts to build a nationwide social security net. It follows a similar pension program for rural residents in 2009. The government says, apart from students, unemployed urban residents over the age of 16 are eligible for the pilot program.

Zheng Gongcheng, chief of Center for Chinese Social Security Research, said, "This program could fill the gap left by the previous pension insurance regulation. Under this plan, every person in China can receive a pension."

The pension program's fund comprises personal payments and governmental subsidy. The program provides 10 different personal payments under separate categories. An unemployed resident residing in an urban area can choose to pay the minimum of 100 yuan, or about 15 U.S. dollars or the maximum 1,000 yuan per year into the pension program. Before reaching the age of 60, they would then start to receive a basic monthly pension payment of 55 yuan.  

Those already aged 60 years and over when the pension system is launched can still receive 55 yuan each month without paying into the program. That's the standard amount set by the central government. But local officials can adjust payments according to their practice.  

For the government subsidy, the government will choose the eligible applicants and pay the full basic pension of 55 yuan monthly for those in the central and western parts of China. And for the eastern part, the central government will pay 50 percent of the subsidy.

"The governmental subsidy is based on the differing amounts of money the citizen has paid. The more and longer you pay, the more pensions you will get," said Zheng.

The program will be trialed in the same areas used in the rural residents pension program in 2009, and will be rolled out nationwide in 2012.

Editor:Shi Jierui |Source: CNTV.CN

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