27 February 2020

Govt to ramp up reform of fragmented pension system, paper says

Pension reform will receive top priority from the Chinese government as it seeks to streamline the country’s fragmented social safety net, 21st Century Business Herald reported Thursday, citing Hu Xiaoyi, vice minister of human resources and social security. Hu did not give a time line but said the initiative, outlined earlier by Premier Li Keqiang {李克強} in his government work report, is high on the national agenda. China’s pension system covers civil servants, state officials, private sector workers, non-employed urban residents and rural residents. However, the disparate schemes have resulted in vastly different payouts, with public servants typically getting better benefits than the rest, the report said.

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