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Residents of a home for the elderly in Feixiang county, Hebei province, share a laugh. [Pan Songgang for China Daily] |
Unified pension system
The landmark pension reform plan, announced by the State Council on Jan 14, aims to eliminate the dual-track pension system in China.
New measures on old-age insurance were unveiled for the nearly 40 million workers in government agencies and public institutions, most of whom are civil servants, doctors, teachers and researchers. Insurance will now be paid by both workers and organizations, instead of just by organizations or central finance as in the past.
Before the measures were introduced, corporate employees had to pay for their own old-age insurance, while government staff enjoyed pensions without making any contribution at all. The reform helps to bring fairness and quench long-term public outcry.
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