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Pensions fall below minimum standards
养老金跌破最低工资标准
Pensions in China are falling further and further behind salaries. The ratio has plummeted in the last decade, falling below internationally recognized minimum standards. And as the cost of living rises, so are complaints from the elderly, who say they simply cannot make ends meet.
Old age pensions are never enough, at least for most elderly in China.
Only one in four elderly people can live on their pensions alone.
China has increased pension levels for company workers for 9 years in a row.
But most say that’s only enough for their most basic needs at home.
In 2011, private sector pensions were only about half the salaries people had earned when they were working. That’s a big drop from the 73 percent they were getting in 2002. It’s now far below the minimum standard recommended by the International Labour Organisation. It’s a worrisome signal that China’s pension system needs a big change.
A major complaint is the difference between public and private sector pensions.
Professor Tang Jun thinks a key to fixing that imbalance is to improve pensions for company retirees.
Pension reform is in the making, and ministries have been holding closed door meetings with experts to discuss a plan. The reform could include raising the retirement age, or letting people pay longer than the current 15 years into pension fund before retirement. Another suggestion is to make better investments with pension funds to increase their value. The task is urgent. By 2050, a third of the country’s population will be over 60.
