Greying China Bolsters Support for Pension Fund
A pilot program for state-owned enterprises (SOEs) to transfer a portion of their shares to the national pension fund is China’s latest attempt to bolster its social insurance system as the country grapples with a rapidly aging population.
China’s basic pension insurance fund is a crucial part of the country’s social insurance system as it covers more than 375 million urban and township employees.
Last week, the State Council, China’s cabinet, issued a document requiring several SOEs administrated by central and provincial governments to transfer 10% of their shares to the National Council for Social Security Fund and asset management firms created and wholly owned by the provincial governments.
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