Central Govt Moves Towards National Pension System

ECNS: China to establish central adjustment system for pension funds

Based on the current pension system, a central adjustment fund will be set up to regulate pension funds in various provincial regions, a move that will help guarantee timely and complete payments to retirees, the State Council said in a statement Wednesday.

The new policy will be the first step towards nationwide coordination, which will facilitate a sustainable basic pension scheme, the statement said.

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

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Promote fairness. Through the central unified adjustment and use of some old-age insurance funds, the balance of inter-regional funds can be rationally balanced, and the overall anti-risk ability of pension insurance funds can be improved.