China continues to expand insurance coverage for the elderly

Senior visitors gather at a park in Fuzhou, Fujian province, in this file photo. (Photo/Xinhua)

BEIJING – Many Chinese people can have access to the insurance provided by the country’s traditional insurance for the elderly, since the use of the improved management of insurance funds in the form of a joint system, according to food and management.

China’s old-age insurance covered 1.05 billion people by the end of 2022, 24.3 million more than the previous year, data from the Ministry of Manpower and Social Security showed.

The country officially launched the national integrated management of the old age insurance fund for development workers in January 2022, in order to facilitate and maintain the insurance system for the elderly.

Since then, permanent changes have been made, including the scope of insurance and the overall balance of income and expenses of insurance, said Qi Tao, an official of the ministry.

Under the unified regime, pension policies are unified across the country to better protect the rights and interests of workers and retirees, the he said.

Last year, 244 billion yuan (about $36 billion) of elderly people’s money was redistributed between regional governments to support areas that are struggling to pay, according to Qi.

Financial assistance from the central government increased, but the government’s investment in the insurance fund improved, he said.

The integrated national system will continue to be improved and enforced to ensure that pensions are paid on time and in full, according to Qi.

China has the largest public defense in the world. It has a three-pillar insurance business, including national insurance, development and annuity, and senior citizen and private pension products — which combine to form the third column.

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