Date
26 September 2017

Minister insists pension funds in surplus, paper says

Amid fears of a looming pension crisis in China, the central government said the country’s pension funds account balance is in surplus, the China Daily reported Thursday. The total balance of funds for registered urban workers, unemployed urban residents and rural residents stood at 3.1 trillion yuan (US$506.6 billion) at the end of 2013, of which 2.8 trillion yuan was for registered workers’ pension, Hu Xiaoyi, vice minister of human resources and social security, was quoted as saying. The total income of pension insurance for registered urban workers reached 2.25 trillion yuan last year while payments stood at 1.84 trillion yuan, creating a surplus of more than 400 billion yuan in 2013, Hu said.

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