BEIJING: The number of people covered by basic old-age insurance in China had reached 1.07 billion by the end of March 2024, official data showed.
This figure represented an increase of 14.34 million people compared with the same period last year, according to data released by the Ministry of Human Resources and Social Security.
By the end of March 2024, 240 million people were covered by unemployment insurance, an increase of 4.49 million year-on-year, the data revealed. The number of people covered by work-related injury insurance had reached 290 million by the end of March, a year-on-year increase of 5.58 million people. In the first quarter of 2024, the revenue of the three social insurance funds had totaled 2.2 trillion yuan ($309.58 billion) and total expenditure amounted to 1.8 trillion yuan, leaving the accumulated balance at 8.6 trillion yuan at the end of March, according to the data.
Earlier, More Chinese people have access to coverage provided by the country’s basic old-age insurance, since the adoption of improved management of insurance funds in the form of a unified approach, according to authorities.
China’s basic old-age insurance covered 1.05 billion people as of the end of 2022, 24.3 million more than a year earlier, data from the Ministry of Human Resources and Social Security showed. The country formally launched national unified management of basic old-age insurance funds for enterprise employees in January 2022, to make the old-age insurance system fairer and more sustainable. –The Daily Mail-China Daily news exchange item
