Pensions to be ensured through plan

Adjustment fund will help equalize provinces' abilities to pay retirees

The central government is adopting an adjustment fund system for the basic pension covering employees of enterprises to address the different situations among provincial regions and ensure punctual and full pension payments to retirees.

The State Council, China's Cabinet, said on Wednesday that the system, which will be put in place on July 1, will be based on the current pension system and will not add to financial burdens on businesses and their employees.