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Ways have to be found to narrow widening social security fund gap

( China Daily ) Updated: 2017-01-24 08:32:26

AT A RECENT SESSION OF THE GUANGDONG PEOPLE'S CONGRESS, the provincial legislature, representatives from several cities with relatively poor economic conditions complained about the widening gap in the social security fund. With society aging, the number of elderly residents receiving pension payments has grown at a much faster rate than the number of young people paying taxes. That is a problem not only for Guangdong, says a comment on Beijing News:

It is good that China's social security system is covering increasingly more residents. From 2000 to 2015, the national social security fund increased from 20 billion yuan ($2.9 billion) to 1.5 trillion yuan. All urban residents are covered and the percentage of rural residents covered is growing.

However, the social security system now faces a problem. Society is aging rapidly, while the surplus labor that could be transferred from agriculture to industry and services has reached its limit. In 2016, senior citizens, or those aged above 60, accounted for 210 million of the total population of 1.36 billion in China, while data of the National Bureau of Statistics show that the number of migrant workers grew by 0.3 percent.

Ways have to be found to narrow widening social security fund gap

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