China to Introduce New Pension System for Urban Residents
The State Council announced yesterday that a new pension system will be launched on July 1 this year. The new system will first be rolled out across 60 percent of China's cities and townships by the end of this year before being introduced nationwide in 2010. All unemployed urban residents over the age of 16 are eligible for the program (not including students), which is aimed at extending the coverage of China's basic social insurance system. Those who take part in the program will be entitled to a minimum monthly payment of 55 yuan a month after they pass their 60th birthday.
Source
The Beijing News
http://epaper.bjnews.com.cn/html/2011-06/02/content_238597.htm?div=-1
Google Translation
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The State Council announced yesterday that a new pension system will be launched on July 1 this year. The new system will first be rolled out across 60 percent of China's cities and townships by the end of this year before being introduced nationwide in 2010. All unemployed urban residents over the age of 16 are eligible for the program (not including students), which is aimed at extending the coverage of China's basic social insurance system. Those who take part in the program will be entitled to a minimum monthly payment of 55 yuan a month after they pass their 60th birthday.
Source
The Beijing News
Google translation
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