China’s social insurance funds revenue up 24.6%

17 january 2013

BEIJING — The gross revenue of China’s social insurance funds totaled 2.04 trillion yuan ($323.68 billion) in the first nine months, up 24.6 percent from the same period last year, official data said on Thursday.

Gross expenditure of social insurance funds increased 23.2 percent from the same period last year to reach 1.59 trillion yuan, according to figures revealed by the Ministry of Human Resources and Social Security.

China’s social insurance funds contain five parts, the basic endowment insurance for the old-ages, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance.

As of September this year, 449 million Chinese people were covered by the nation’s pension system with about 124 million receiving their basic pensions monthly, according to the MOHRSS.