China News Service, Beijing, July 30 (Reporter Zhang Wenhui and Zhao Jianhua) Liu Kun, the Minister of Finance of China, stated in Beijing on the 30th that the Ministry of Finance has the ability to ensure that pensions are paid in full and on time through national arrangements.
On the same day, the Information Office of the State Council held a press conference on financial support for building a well-off society in an all-round way. Liu Kun said in response to a question from a reporter from China News Agency that the operation of China's social insurance fund was generally stable.
By the end of 2020, China’s pension insurance fund has a cumulative balance of 4.5 trillion yuan (RMB, the same below), and the overall revenue exceeds expenditures, which can guarantee the payment of basic pensions for retirees on time and in full.
Regarding the problem of insufficient pension income in some places, Liu Kun said that it will be resolved from three aspects.
One is to expand the scale of central government adjustments.
Starting in 2018, China has established a central adjustment system for pension insurance funds to balance the burden of funds across regions.
This year, the scale of the central adjustment fund reached 930 billion yuan. The central and western regions and the old industrial base provinces benefited more than 215 billion yuan, which to a certain extent eased the pressure on the balance of payments in difficult areas.
The second is to steadily and orderly promote national overall planning.
On the basis of the comprehensive completion of the basic pension insurance at the provincial level, we will steadily and orderly advance the national coordination, improve the central and local pension insurance responsibility sharing mechanism, clarify the financial pension insurance payment responsibilities at all levels, and continue to enhance the sustainability of the system.
The third is to reasonably determine the level of treatment.
Improve the basic pension insurance financing and benefit adjustment mechanism, comprehensively consider factors such as price and wage growth, and reasonably determine the adjustment level of pension benefits, so that hundreds of millions of people can be provided for the elderly.
Liu Kun emphasized that pensions are the "life-saving money" entrusted by the people to the management of the state, and it is related to thousands of households. It must be managed and used well, so that the people's "life-saving money" can truly become "reliable money" and live up to it. The trust of the people.
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