Want China Times, Xinhua 2014-02-08
Elderly residents of a retirement home prepare for outdoor activities in the Handian township in Zouping county, Shandong province, Nov. 3, 2013. (Photo/Xinhua) |
China will
reform its pension scheme by unifying the two separate systems for urban and
rural residents to allow people better access to social benefits, according to
an executive meeting of the State Council on Friday.
The move,
part of the efforts to address pension payment gaps between urban and rural
areas, was announced in a statement issued after the meeting presided over by
Premier Li Keqiang.
The unified
system will build stable expectations for improving livelihood and facilitate
population movement, said the meeting statement, adding that it will also boost
consumption and encourage more business start-ups.
The
statement said pension funds will be pooled from individuals, employers and
governments at various levels. The central government will provide more
subsidies to people in less-developed central and western regions.
The pension
system will serve as a safety net for millions of seniors, according to the
statement.
China has
the largest senior population in the world, with 194 million people at or above
the age of 60 as of the end of 2012, according to the China National Committee
on Aging.
The age
group is expected to grow to 243 million by 2020, and one-third of the
population will be over the age of 60 by 2050.
Annual
sessions will open soon for the National Committee of the Chinese People's
Political Consultative Conference, the top political advisory body, and the
National People's Congress, China's parliament, according to the meeting
statement.
The
"two sessions" serve as an important channel for ministries and
departments under the State Council to hear what the public has to say about
government work, the statement said.
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