China Gets Better Social Security System

China is striving to turn its social insurance system into a fairer and more sustainable one, said Hu Xiaoyi, Vice Minister of Human Resources and Social Security on Sunday.

Social insurance, with focus on basic old-age pensions and medical insurance, will cover all the population, said Hu at the ongoing China Development Forum 2014 here.

China will also push reform in the pension system for government bodies and public institutions, Hu said. Under the current system, a large number of civil servants enjoy free medical care and high pensions after retirement without paying any insurance beforehand.

In addition, the country will endeavor to build a unified basic old-age insurance system and a basic medical insurance system for both urban and rural residents.

There are mounting calls in the public for fairness in the social insurance system, but defects ail China's current system. For instance, nearly 200 million people eligible for old-age pensions have yet to be covered.


Source: Xinhua