2016-05-03 12:37 Economic Daily Bingzhi Han

Xiaoyi Hu, president of China Social InsuranceAssociation and vice-minister of the Ministry of Human Resources and SocialSecurity of the People’s Republic of China, disclosed in the forum ondevelopment of the 5th China international senior service industry held on May 3that a long-term care insurance system is to be researched in China centeringby the old and tried to uniformly organize pilot this year and accumulating thepractical experiences.

Xiaoyi Hu said, during period of the 12th Five-yearPan, our pension insurance undertaking generally realized the objective of “basicallycomplete insurance systems” for system construction determined by the 12thFive-year Plan. By the end of last year, there were 858 million peopleparticipating in pension insurance, which completed the planned indicator abovethe quota, and more people had institutionalized basic insurance; Theenterprise retirees experienced five years of continuous adjustment of paylevel, and insured retirees increased from 63 million people to 91 millionpeople, and monthly basic pension increased from RMB 1,362 to RMB 2,270. By theend of 2015, the national urban and rural basic pension insurance fundaccumulated to RMB 398 million, and plus national social insurance fund andenterprise annuity fund balance, it amounted to RMB 670 million, with 153%increase in initial planned amount RMB 276 million. This indicates that ourinsurance system construction has stepped into new stage for past five years,with more complete system, wider coverage and gradually improving insurancelevel. At the same time, our social insurance fund strength becomes moreabundant, and has more solid foundation for dealing with various risks andcrisis, and continues to improve foundation of social insurance system.

Xiaoyi Hu suggested that, to have good start forcompletely realizing the objectives of the 13th Five-year Plan, in next step,we will develop the pension system reform and overall program of systemconstruction, complete the top design, with the focus and difficulty of theprogressive delay in retirement age program, the national basic pension planfor workers, and improve the personal insurance scheme. We shall pay closeattention to the implementation of the national insurance scheme, especially toimprove the flexible employment, the participation rate of migrant workers thisyear to ensure the continued expansion of coverage of more than 20 million,laying the foundation for pension insurance coverage of 90%. We shallvigorously develop multi-level pension insurance focusing on enterprise annuityand occupational pension, while promoting the third-level tax deferred pensionplan to meet the diverse needs of the elderly.