Prime Minister of China stressed importance of efforts to ensure basic pension benefits

Beijing. June 13. Silkroadnews - Chinese Prime Minister Li Keqiang has stressed the importance of efforts to implement a central management system to ensure payments from the basic pension fund, the Global Times reports.
Reportedly, a central system for basic pension funds of enterprise employees will be established to strengthen sustainability of the basic pension scheme and balance the pension payment burden in different regions.
According to Li, there is a need to ensure fund raising, allocation, and management under the system.
He also added, the local authorities should strive to ensure that the basic pension payments are carried out in a timely and complete manner, including the transfer of some state assets to the country’s social insurance funds.
Vice Premier Han Zheng said the establishment of a central system is an important part of the program of national coordination of pension funds.
Han also stressed, the collection and management of the basic pension funds to maintain the sustainability of the central management system, and that fiscal support should be enhanced to ensure that retirees receive the full pension on time, the publication reads.