Economics
China to Boost Social Security Support for Struggling Residents
With the population aging rapidly and the birthrate plunging, China is facing a massive funding gap for its main national pension fund.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s government will provide more support to people struggling financially as part of a plan to develop a comprehensive social security system, underscoring its policy shift toward reducing inequality in the economy.
The government will pay the premium for pension funds for residents facing financial difficulties and provide them aid in medical services, education, housing and employment, according to a “human rights action plan” for 2021-2025 released by the State Council Thursday. The plan also called for the development of corporate annuity programs and private pension funds.