China Pension System: Three Sub-Systems and Their Status
China pension system includes three sub-systems: the Urban Employees' Basic Pension Sys-tem covering employees and the self-employed, Urban and Rural Residents Basic Pension System covering the residents who are underemployed, the Government Organs and Public Institutions Pension System covering the employees in public sectors. The overall coverage is more than 900 million people. The three sub-systems differ in terms of insurance qualification, payment rate and benefit levels. At present, the main problems of the Chinese pension system lies in empty operation for individual accounts and inadequate development of enterprise annuity and individual deposit life insurance. (original abstract)
- China Human Resources and Social Security Statistical Bulletin 2014 (2014), http://www.mohrss.gov.cn/SYrlzyhshbzb/dongtaixinwen/buneiyaowen/201505/t20150528_162040.htm [accessed 17-02-2016 09:33 UTC].
- Shuguang S., Chen W. (2013), The China pension system under Aging: Challenges and Choices, "Theoretical Reference", No. 11, pp. 7-11.
- Yinghua Z. (2015), The notional account reform of Organs and Institutions Pension-Design and Sustainability, "Development and Research", No. 3, pp. 7-11.
- Bingwen Z. (2015), China Pension Development Report 2015, Economic Management Press, published in December.
- Bingwen Z. (2016a), The top-level design of the third pillar pension insurance: the role of taxation and its far-reaching significance, "Chinese Academy of Social Security Laboratory", No. 031.
- Bingwen, Z. (2016b), The expansion of commercial insurance, pension system is more secure, "Chinese Labor and Social Security", Vol. 1, No. 15, p. 3.