China’s Social Insurance Fund Revenues Climbed 8.1% Last Year

China’s Social Insurance Fund Revenues Climbed 8.1% Last Year

Xu Wei

Date: Mon, 11/27/2017 - 18:05 / source:Yicai
China’s Social Insurance Fund Revenues Climbed 8.1% Last Year
China’s Social Insurance Fund Revenues Climbed 8.1% Last Year

(Yicai Global) Nov. 27 -- The total revenue of China’s national social insurance fund rose by 8.1 percent annually to CNY5.01 trillion (USD758.3 billion) last year, and the fund’s total payout increased by 11.5 percent to CNY4.36 trillion. The revenue-expenditure balance and the cumulative balance at year-end came in at CNY650.8 billion and CNY6.54 trillion, respectively, China’s ministry of finance announced on its website today.

Basic pension fund contributions for enterprise employees totaled CNY2.85 trillion last year, up 7.4 percent. Basic pension contributions jumped 6.2 percent to CNY2.24 trillion, while the total pension fund expenditure climbed 11.6 percent to CNY2.58 trillion. Basic pension fund payout rose by 11.7 percent to CNY2.49 trillion.

Basic pension fund contributions for residents grew by 12.8 percent to CNY609.5 billion last year, of which CNY140.6 billion was personal contributions, up 26.2 percent on the year. Total pension payout increased by 14.4 percent annually to CNY547.2 billion.

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Keywords: Ministry of Finance, Social Insurance Funds