Number of Chinese Endowment Insurance Participants Reaches 888 Million

Number of Chinese Endowment Insurance Participants Reaches 888 Million

Xu Wei

Date: Wed, 11/29/2017 - 16:17 / source:Yicai
Number of Chinese Endowment Insurance Participants Reaches 888 Million
Number of Chinese Endowment Insurance Participants Reaches 888 Million

(Yicai Global) Nov. 29 -- The number of Chinese endowment insurance participants reached 888 million last year, the operation of the social insurance systems was generally stable and benefits generally improved, China News Service reported, citing a Ministry of Human Resources and Social Security (MOHRSS) report.

China continued to implement full social insurance coverage registration plans, and the number of participants in all five categories (pension, medical, unemployment, work injury and maternity) increased compared with 2015.

The per capita pension for corporate retirees was USD359.55 (CNY2,373) per month last year, up 5.4 percent annually.

The overall operation of the social security fund was stable, reporting a total expenditure of CNY4.69 trillion, up 20.3 percent, and presenting a cumulative balance of CNY6.64 trillion, marking a 11.5-percent increase.

Policy measures such as the reduction of premiums caused the main revenue and expenditure management problems that the social security funds faced. The revenue growth of some of the insurance categories slowed annually and some saw their spending level increase at a faster rate than that of their revenue.

China will implement the National Basic Endowment Insurance Fund’s central adjustment system next year, starting with provincial-level work and building to a national level.

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Keywords: MOHRSS, Endowment Insurance