SCIO press conference on employment, social security

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21st Century Business Herald:

People from all walks of life are concerned about pensions. What is the general situation of basic old-age insurance funds for enterprise employees? Thank you.

Wang Xiaoping:

Pensions, involving the vital interests of hundreds of millions of retirees, have attracted wide attention from the public. In recent years, the reform of the pension insurance system has steadily advanced. Its coverage keeps expanding, and the revenue of the insurance funds continues to increase. The system is running smoothly on the whole, and has a strong ability to guarantee payments. This can be seen in the following four aspects. First, the balance between revenue and expenditure has been maintained. The annual revenue and expenditure of basic old-age insurance funds for enterprise employees are basically balanced, and the funds have been operating smoothly in general. Second, the funds have been well regulated. In order to solve the structural problem of uneven fund distribution, and based on the central regulation system for basic old-age insurance funds, a national coordination system was launched last year to regulate funds nationwide with stronger efforts. Third, there has been financial input. Central government financial subsidies continue to increase, and local financial departments have established a long-term investment mechanism to increase their input. Fourth, there are long-term reserves. National social security funds continue to expand, and the transfer of part of state-owned capital to the social security funds has been completed. These two funds are long-term reserves for the source of pension payments. So, it's clear that China's old-age insurance funds are stable. Thank you.

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