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China Daily Website

Pension fund accesses to market in Guangdong

Updated: 2012-06-01 17:33

A total of 100 billion yuan in pension funds will be managed by commission from the National Social Security Fund Council (SSF) to put into investment in Guangdong, reported on Thursday, citing the Department of Finance of Guangdong Province.

Social insurance authorities made the announcement to the Provincial People's Congress during a budget review of social insurance funds.

"We guarantee that the investment will see no loss and if the actual amount of income is less than the guaranteed rates of return, SSF will make up the difference," authorities said.

According to the report submitted to Provincial People's Congress, in 2011, the pension insurance fund of Guangdong province accumulated a balance of 289.261 billion yuan, up 27.07 percent over the previous year.

The report also noted that, with revenue worth 133.569 billion yuan ($20,970,333,000) and an expenditure of 71.949 billion yuan, an increase of 23.70 percent and 19.78 percent respectively over the previous year, the assets of the fund have proven to be of good quality. The growth can be mainly attributable to the increasing number of those insured and adjustment of the payment base.