March 20, 2011

CHINA: Pension Increase To Continue

BEIJING / Xinhuanet / China / March 20, 2010

Yin Weimin, Minister of Human Resources and Social Security, speaks at the 12th China Development Forum in Beijing, capital of China, on March 20, 2011.
(Photo: Xinhuanet/Xiong Tong)

By Yang Lina
China will continue to increase the pension during the 12th Five-Year Plan period in accordance with its economic and social development and the capacity to pay, said Yin Weimin, Minister of Human Resources and Social Security on Sunday.
The average per capita pension for enterprise retirees has already almost doubled from 700 yuan RMB to 1,400 yuan RMB during the 11th Five-Year Plan period, Yin said at the ongoing 12th China Development Forum.
China is facing the increasingly serious aging problem with people above 60 years old reaching 170 million by the end of last year, about 12.8 percent of China's overall population.
To solve the aging problem, Yin said, "China will make great efforts to develop the industry for these elderly so as to provide them with more and better services during the 12th Five-Year Plan period."
Asked about whether China will delay the retirement age to deal with the labor shortage brought about by the aging problem, Yin said this might be an option for long-term development as many countries in the world have already done it.
He added that "China will thoroughly and prudently study the question in accordance with China’s own situation."
As of China's employment market, Yin pointed out that the major challenge at present still lies in the oversupply of laborers.
It is estimated that China has to create 25 million jobs for urban residents each year during the next five years, among which 14 million will go for college and high school graduates.
But now only 12 million jobs can be created each year, which means that about 10 million urban residents will have difficulties in getting employed, he told the forum.
The 12th China Development Forum, sponsored by the Development Research Center of the State Council, runs from Sunday till Monday and will address a wide range of topics centered on the ongoing transformation of China s growth pattern.
Editor: Mo Hong'e
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