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133mn elderly people in China receive monthly pensions

India Infoline News Service | Mumbai |

Around 39.1% of the 2,000 people surveyed complained that pensions are too little to meet their living needs

Currently, China’s urban and rural pension insurance programme covers 486 million people, Ministry of Human Resources and Social Security said yesterday.

At present, China has about 185 million people above 60 years which constitutes 13.7% of the overall population.

Over 133 million elderly people are receiving monthly pensions, ministry’s rural pension department added.

In 2009, the government started a rural pension pilot and announced a pilot social pension insurance program for urban residents in 2011 to expand the pension system’s coverage.

With sponsorship from the government, rural residents over the age of 60 can receive monthly endowments that are proportionate to local income standards.

However according to a recent survey, by the Chinese Academy of Social Sciences, around 39.1% of the 2,000 people surveyed complained that pensions are too little to meet their living needs.

Elderly people in rural areas strongly complained about the rural endowment insurance system; 78.9% of insurance buyers in the survey said the pension could not meet their living needs, while 56 percent of their urban counterparts said the same thing.
 

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