2018年CRI China to establish central adjustment system for pension funds

 

China has made plans to establish a central adjustment system for basic pension funds of enterprise employees to balance payment burdens of local governments.

CRI's Victor Ning has more.

Based on China's current pension system, a central adjustment fund will be set up to regulate pension funds in various provincial¹ regions. 

The move is designed to help guarantee timely and complete payments to retirees.

The new policy comes as the imbalance in pension funds among different provincial areas has become increasingly obvious over recent years.

You Jun, China's Vice² Minister of Human Resources and Social Security, explains.

"The surplus of pension funds occurs mostly in eastern parts of China, like Beijing and Guangdong, with seven of the provincial regions accounting³ for two thirds of the total accumulative surplus. Meanwhile, some of the provinces, like Liaoning and Heilongjiang, have been met with great pressure in running their pension funds, as the incomes could not satisfy their expenses. The imbalances of the pension funds at the provincial level are difficult to be addressed within the provinces, thus an adjustment across the whole nation is needed."

Effective beginning July 1st, the adjustment fund draws a certain portion from the provincial capital pool, which will enable the central government to redistribute it later.

It will be the first step towards nationwide coordination⁴, which will help to facilitate a sustainable basic pension scheme.

You Jun is also stressing that the new policy will not create burdens for enterprises or employees, nor will it have any negative impact on the welfares of retirees.

"The central adjustment fund is comprised of the pension funds turned over by each of the provincial regions. The pension payment by the enterprises and individuals will be conducted according to previous policies, and no extra fees need to be paid. Establishing the central adjustment fund is mainly aimed at adjusting the deficits⁵ and surpluses of the provincial pension funds. The total amount of the national pension fund will not change, nor will it add burdens to the society. The deposit ratio for the pension fund will also remain the same."

China has been striving to build a fair and inclusive social security network, with its basic pension insurance covering 915 million residents at the end of last year.

Chinese Premier⁶ Li Keqiang said earlier this week that coordinated⁷ efforts should be made to ensure the raising, allocation, and management of funds under the central adjustment system.

Local authorities were advised to ensure that basic pension payments are made in time and in full, via means including transferring some state assets to the country's social security funds.

For CRI, this is Victor Ning. 

1 provincial   

adj.省的，地方的；n．外省人，乡下人

参考例句：

• City dwellers think country folk have provincial attitudes.城里人以为乡下人思想迂腐。
• Two leading cadres came down from the provincial capital yesterday.昨天从省里下来了两位领导干部。

2 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

3 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

4 coordination   

n.协调，协作

参考例句：

• Gymnastics is a sport that requires a considerable level of coordination.体操是一项需要高协调性的运动。
• The perfect coordination of the dancers and singers added a rhythmic charm to the performance.舞蹈演员和歌手们配合得很好，使演出更具魅力。

5 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

6 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

7 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法