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China capable of securing old-age pension payments: minister
Last Updated: 2021-02-27 09:58 | Xinhua
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China is able to secure the payment of old-age pensions on time and in full despite reductions in social-insurance premiums last year, the country's human resources minister said Friday.
 
The balance of China's old-age pension fund currently stands at 4.7 trillion yuan (about 726 billion U.S. dollars), Zhang Jinan, Minister of Human Resources and Social Security, told a press conference.
 
To alleviate the corporate burden and protect the job market against the impact of the COVID-19 epidemic, the Chinese government slashed 1.54 trillion yuan of social-insurance contributions from employers in 2020, of which 1.33 trillion yuan was old-age pension premiums, according to Zhang.
 
Despite the revenue loss, the government managed to pay the old-age pensions on time and in full last year, even increasing pension payments to benefit some 120 million retirees.
 
Zhang was confident in future old-age pension payments, as he expects an annual operating surplus from the old-age pension fund this year.
 
Increasing central fiscal support, available investment channels and expanding social-security strategic reserves would also back the timely and full payments of old-age pensions, he said. 

(Editor:Liao Yifan)

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China capable of securing old-age pension payments: minister
Source:Xinhua | 2021-02-27 09:58
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