Basic pension insurance covers over 900 million people.

Xinhua News Agency, Beijing, Jan. 14 (Xinhua Wang Youling) - China's social security system operated smoothly in 2019, said Lu Aihong, spokesman for the Ministry of Human Resources and Social Security. By the end of 2019, the number of participants in basic pension, unemployment and work injury insurance reached 967 million, 205 million and 255 million respectively.

Lu Aihong said at the Ministry of Human Resources and Social Security's fourth-quarter 2019 press conference that China has actively pushed forward the reduction of social security fee rates, adjusted the fee base, and stabilized the collection method, realizing a substantial drop in the burden of social security contributions on enterprises, especially small and micro enterprises. The total income of the three social insurance funds for the year amounted to 5.82 trillion yuan, with total expenditure of 5.41 trillion yuan, and the accumulated fund balance at the end of the year was 6.85 trillion yuan.

Expanded Information

In November 2020, the English version of China's Social Security was published and distributed by the China Labor and Social Security Press. The book points out that China has built the world's largest social security system, with basic pension insurance covering nearly 1 billion people, basic medical insurance covering more than 1.3 billion people, and a multi-level social security system covering urban and rural residents basically established.

China's Social Security introduces that since the establishment of China's social security system, it has made remarkable achievements through continuous reform and standardized development, effectively safeguarding and improving people's livelihoods, enabling all Chinese people*** to enjoy the fruits of economic and social development, and promoting social fairness and justice as well as coordinated economic and social development.

By the end of 2018, it had been basically realized that all elderly people enjoy pension insurance, and universal health insurance had basically been realized, which is the social security scheme covering the largest number of people in the world, both in terms of the total amount of people and in terms of the sub-items;

The level of protection has gradually increased in tandem with economic and social development, with a total expenditure of 6.72 trillion yuan by the national funds for all kinds of social insurance in 2018, which is 6.5 trillion yuan higher than that of 2.33 trillion yuan in 2012, a 1.9-fold increase from 2012, so that the basic life of the insured population is safeguarded and improved; the strength of the social security fund has been increasing, with the accumulated balance of the five social insurance funds nationwide amounting to 8.98 trillion yuan in 2018, a 1.36-fold increase from 2012.

China News Service - China's basic pension insurance participants reached 967 million?

China News Service - China builds world's largest social security system