The total amount of the pension fund for staff members of enterprises nationwide hit 1.83 trillion yuan ($300.30 billion) in 2012, with the average growth rate at 21.4 percent since 2003, the Ministry of Human Resources and Social Security announced on its website Tuesday.

The total expenditure of the pension fund reached 1.4 trillion yuan, with its average growth rate hitting 20 percent since 2003.

Media reports said earlier last month that China is expected to announce a reform of the country's pension system in order to ensure adequate income for retired State workers due to the rapid increase in the aging population.