Print This Page Email This Page
Shanghai to Publicize Social Security Fund Details

The Shanghai authorities have pledged to make details about the city's social security fund easily accessible to the public in the wake of the huge pension fund scandal that brought about the downfall of Chen Liangyu, the city's party boss.

Bao Danru, deputy chief of the Shanghai Municipal Labor and Social Security Bureau, said information about the fund such as its annual earnings, total expenditure and subsidies, will be made public on its website or through regular news briefings.

According to Bao, the fund has been placed under the strict supervision of a specialized fiscal account and the Shanghai Social Security Supervisory Committee will also oversee levies, management, operation and expenditure.

In the past, the fund was managed through a single income account. Local social security authorities made decisions about revenue, withdrawal and payment of funds, which made it relatively easy for corrupt administrators to embezzle money.

Chen was sacked last year from his post for his involvement in the Shanghai social security fund scandal. Following Chen's downfall, a growing number of officials and business people have been ensnared in the probe, including Shanghai's former labor and social security chief Zhu Junyi, former director in charge of the city's state assets management Ling Baoheng and two district governors.

They were accused of misappropriating 3.7 billion yuan (US$483 million) from the fund to invest in risky real estate, road and other projects.

(Xinhua News Agency September 28, 2007)


Related Stories
- National Social Security Fund Signs Trusteeship Agreement with ICBC
- Political Advisors Vow to Keep an Eye on Social Security Fund
- China to Tighten Supervision on Social Security Fund
- Social Security Fund Earns 61.9 Bln Yuan in 2006
- China's Social Security Fund Totals 211.7 Bln Yuan
- Social Security Fund Profits Up 6% in 1st 9 Months

Print This Page Email This Page
WB Report Advises China to Optimize Use of FDI
Reforms to Minimum Wages in Shanghai
Top Political Advisor Calls for Sound Forestry Development
Health Authorities on 24-hour Alert for Golden Week Holiday
More Investment Urged for Clean Drinking Water in Rural Areas
China to Continue Attracting Foreign Investment Actively


Product Directory
China Search
Country Search
Hot Buys