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养老基金中央调剂制度(yǎnglǎo jījīn zhōngyāng tiáojì zhìdù): Pension fund central adjustment system

China Daily | Updated: 2018-06-13 07:12
Senior citizens chat at a retirement home in Beijing. [Photo/Xinhua]

The enterprise employee basic pension insurance fund central adjustment system work conference was held on June 11 in Beijing. Premier Li Keqiang instructed that the establishment of enterprise employees' basic pension insurance fund central adjustment system is of great significance to enhance the sustainability of the basic pension insurance system, balance the basic pension insurance fund burden among various regions and promote the fairness of the public's basic pension insurance rights.

Due to the migration of workers and unbalanced regional economy, the old-age dependency ratio, the scale of pension fund pool and payment pressure of basic pension vary in different provinces and regions. An adjustment mechanism at the central level is required to enable the sustainability of the basic pension system nationwide.

The basic pension insurance fund central adjustment system draws a certain proportion of capital from provincial basic pension funds to form a capital pool, which enables the central government to redistribute it among various provinces and regions.

Local authorities are required to enhance overall planning and coordination, do the work of collecting, allocating and managing the money from the central adjustment fund, and improve the assessment system.

Meanwhile, local authorities are required to take responsibility for issuing the basic pension, strengthen revenue and expenditure control and effectively prevent and resolve pension payment risks.


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