China extends pension scheme to 130 million rural people

In a bid to strengthen its social security system, China has extended government-subsidised pension scheme to 130 million rural Chinese in 320 counties nationwide.

Updated: Sep 16, 2010, 18:47 PM IST

Beijing: In a bid to strengthen its social
security system, China has extended government-subsidised
pension scheme to 130 million rural Chinese in 320 counties
nationwide.

"Under the new rural pension scheme, rural residents
will enjoy basic social security like urban residents do," Yin
Weimin, Minister of Human Resources and Social Security said.
"We will put in place a social security system
covering both urban and rural residents by 2020," Xinhua
news agency quoted Yin as saying.

Last year, the government spent 290.6 billion yuan
maintaining the social security system, a year-on-year
increase of 16.6 per cent, Yin said addressing the opening of
the fifth APEC Human Resources Development Ministerial
Meeting.

The basic pension benefit for company retirees in
urban areas increased by an average 10 per cent this year, and
health insurance coverage extended to more than 1.2 billion
people, he said.

PTI