2019-04-08

China Starts Redistributing Pension Funds

iFeng: 养老金中央调剂:广东等7省贡献大 辽宁等22省最受益
In 2019, the enterprise endowment insurance central adjustment fund budget was 484.46 billion yuan. Among them, Guangdong, Beijing, Zhejiang, Jiangsu, Shanghai, Fujian, Shandong and other seven provinces are “contributing” provinces, contributing 122.06 billion yuan; 22 regions (including the Corps) such as Liaoning, Heilongjiang and Sichuan are “beneficiary” provinces.

Recently, the Ministry of Finance disclosed for the first time the income and expenditure of the central adjustment fund.

On July 1, last year, China established a central adjustment system for basic endowment insurance funds for enterprise employees. All localities have turned over funds to form a central adjustment fund. The central government does not retain funds, and all the retirees are paid to the local governments.

According to the data of the Ministry of Finance, the budget of the central adjustment fund in 2019 is 484.46 billion yuan , which means that the total amount of funds paid by the local governments is 484.46 billion yuan, and the central government should also give the whole part of the 484.46 billion yuan.

According to the budget of 2019, seven provinces including Guangdong, Beijing, Zhejiang, Jiangsu, Shanghai, Fujian and Shandong are “contributing” provinces, contributing 122.06 billion yuan; 22 regions including Liaoning, Heilongjiang and Sichuan (including the Corps). To "benefit" provinces.

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