Chinese government to start trial of pension insurance for jobless

Published on

Friday, June 17, 2011

Written by

Staff Reporter [1]

China will start the trial of a pension insurance system on July 1 this year for jobless urban residents (below left) who are not eligible for any existing programme, the government said. Beijing aims to cover the country's unemployed urban dwellers aged 16 or older, excluding students, by year end. Participants can voluntarily contribute as much as 1,000 yuan (HK$1,200) a year to a life-long pension account. According to the mechanism drawn up by Beijing authorities, local governments should provide at least 30 yuan a year to each account, while the central government will also provide subsidies. Bloomberg

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