Social Security Improved in 11th Five-Year Plan Period

( 2011-March-5 15:01:07)

Social Security Improved in 11^th Five-Year Plan Period

China made breakthroughs in its social security system during the five years from 2006 to 2010. The basic pension insurance system for urban residents was pooled at provincial level, and inter-provincial transfer of the insurance was made possible. Annuities of enterprise retirees had been growing at an annually rate of 10 percent. The new rural pension insurance covered 24 percent of counties in China, and the minimum living allowance system was expanded to the whole nation. The Social Security Fund reached RMB 781 billion, up more than RMB 580 from the previous five-year plan period. Significant progress was made in low-income housing projects and reconstruction of shanty areas. Around 11 million low-income households moved into new homes.