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China: Fast Aging Population Challenges Social Funds
Source: shanghaidaily.com
Source Date: Tuesday, June 25, 2013
Country: China
Created: Jun 25, 2013

CHINA will face financial pressure to cover the growing population of senior citizens with social insurance funds, a government official said yesterday.

 

Chen Liang, an official with the Ministry of Human Resources and Social Security, told an international symposium the country needs to increase money going into the funds and diversify investment channels to enhance returns. Chen said China has to preserve and increase the value of its social insurance funds and ensure the sustainablility of its policies.

 

The country's social insurance funds contain five parts, the basic endowment insurance for senior citizens, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance.

 

In 2010, 178 million people in China were 60 years of age or older, accounting for 13.26 percent of the total population. The number will double by 2030, Chen said.

 

According to a report published by the Chinese Academy of Social Sciences in September 2010, China will overtake Japan to become the world's most aging society by 2030.

 

By the end of 2012, 304.27 million workers, retirees and beneficiaries were covered by basic urban endowment insurance for seniors, a yearly increase of 20.36 million.

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