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China unveils measures to unify pension system

Xinhua, January 14, 2015 Adjust font size:

China on Wednesday unveiled measures on old-age insurance for employees of government agencies and public institutions in a push to establish a unified, equitable and sustainable pension system.

Old-age insurance for government agencies and public institutions will be paid both by employees and their employers, instead of being borne just by employers or central finance as in the past, according to a statement on the central government's official website, www.gov.cn.

According to the new measures, employees will pay 8 percent of their monthly salaries toward old-age insurance, while their employers will pay 20 percent of the employee's total salary each month as a premium.

In the past, employees of companies had to pay for old-age insurance, but those employed by government agencies and public institutions could enjoy pensions after retirement without paying monthly fees during their working years.

The policy for employees of government agencies and public institutions has become a huge burden for the government and is unsustainable in the long run. Endi