Social security system reform to help elders

At a news conference at the end of the second session of the 13th National People's Congress on Friday, Premier Li Keqiang reiterated the importance of taking good care of senior citizens, and said that the social security fees employers pay for their staff will be reduced from 20 to 16 percent from May 1.

The Government Work Report Li delivered to the national legislature on March 5 said major reforms will be initiated in the eldercare system in order to build a robust multilevel aged-care social protection system, so as to strengthen macroeconomic regulation, facilitate economic operation and improve the lives of the people.

Lowering the share borne by employers for urban workers' basic eldercare insurance and allowing localities to reduce their contribution to 16 percent are the highlights of the government's social security tasks for this year. China's eldercare insurance has a unified premium rate of 28 percent, which is among the highest in the world. To reduce the burden of the enterprises, the premium rate in many provinces has already been reduced to 19 percent as part of the supply-side structural reforms in recent years.