As many as 133 million elderly people are receiving monthly pensions, according to vice director of the ministry’s rural pension department Liu Conglong.
Over the past few years, the government has taken significant steps to improve the pension and social security system.
The government kicked off a rural pension pilot program in 2009 and announced a pilot social pension insurance program for urban residents in 2011 to expand the pension system’s coverage.
With sponsorship from the government, rural residents over the age of 60 can receive monthly endowments that are proportionate to local income standards.
The payment for the insurance comprises two different parts: basic insurance, which is fully provided by the government, and the personal pension account, paid by rural residents themselves.