Pension reform a service to senior citizens

The State Council, China's Cabinet, decided to transfer some State-owned assets to the National Social Security Fund last year. The State Council recently issued a document saying it would establish a central adjustment system for basic pension funds of enterprise employees, which will come into effect on July 1, to balance the payment burdens of local governments.

Based on the existing pension system, the central adjustment fund will be established to regulate pension funds in different provinces and regions, which will help ensure that retirees receive complete payment on time. The adjustment fund will draw a certain portion from the provincial capital pool, which the central government can redistribute later.

The issuance of two significant reform measures in half a year to improve pension insurance shows the central government's determination to improve people's livelihoods at a time when China's population is rapidly aging.