China's pension scheme grows to 1.07 billion participants

Total income and expenditure of these schemes amounted to $304b in Q1’24.

China has been enhancing its social insurance system to support the country's development, with significant increases in participation across various schemes. 

As of the end of March, the basic pension scheme had 1.07 billion participants, marking a year-on-year increase of 14 million. 

The unemployment and employment injury insurance schemes also saw notable growth, with 240 million and 290 million participants respectively, up by 4.49 million and 5.58 million compared to the previous year.

During the first quarter, the total income and expenditure of these schemes amounted to $304b, with a surplus of 8.6 trillion yuan by the end of March.

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Local authorities implemented assistance policies, providing premiums for 8.21 million low-income residents, including those returning to poverty and severely disabled individuals.

Unemployment insurance benefits totalled 28.2 billion yuan in the first three months. Additionally, the pilot program for occupational injury protection for flexible employment, including delivery workers, reached 8 million insured individuals by March.

The Ministry of Human Resources and Social Security aims to expand the scope of the pilot program, incorporating more flexible employment individuals. They plan to increase basic pension insurance coverage to 95% by 2025 and will continue improving supporting policies to prepare for comprehensive implementation.