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China aims to extend old-age pension scheme to cover all residents

Source:   Time:

BEIJING, March 5 (Xinhua) -- China is trying to make a frog jump in building its social security system by further extending the old-age pension program to cover all residents, Premier Wen Jiabao said in a government work report delivered at the parliament's annual session Monday.

"By the end of the year, we will have achieved full coverage of the new old-age pension system for rural residents and the old-age pension system for non-working urban residents," Wen said at the Fifth Session of the 11th National People's Congress opened here Monday.

China's pension program includes pension funds for urban employees and unemployed urban citizens, as well as a new "rural social pension insurance system" which has been in effect on a trial basis since 2009.

By the end of 2011, more than 60 percent of China's counties had already been covered by the program, according to the report.

Meanwhile China is exploring new channels to increase the value of its huge amount of social security fund.

"We will increase the social security fund through a variety of channels, and strengthen oversight and supervision of investment from the social insurance fund and social security fund to increase their value," Wen said.

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