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China to unify old-age pension systems by 2015

02-27-2014 03:29 BJT

The Ministry of Human Resources and Social Security says it plans to unify old-age pension systems in rural and urban areas by 2015.

Anyone who is above the age of 16 and not part of the urban basic pension program will be covered by the unified system. 820 million people are now having basic pension cover. Central government contributions will provide for a minimum payout of 55 yuan per month.

There will be 12 levels of personal contributions to choose from, ranging from 100 yuan to 2,000 yuan per month. Local subsidies will vary, with a minimum payout of 30 yuan per month on top of the premium.

The charges and benefits will be put into a nationwide information sharing system, with unified cards to be issue soon. The benefits will be tied to individuals’ household registration, allowing workers to find better-paying jobs outside their hometowns.


Editor:James |Source:

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