China says will guarantee pensions amid warnings of funds drying up
China will “fully guarantee” future pension payments, a government official told reporters, amid warnings from government researchers that funds could run out by 2035.
China’s social security system is under increasing strain as a result of a rapidly ageing population and a shrinking workforce.
The China Academy of Social Sciences (CASS), a government think tank, said in a report this month that the country’s pension funds could become insolvent by 2035, with a rapidly dwindling workforce unable to support the growing number of elderly people.
But Nie Mingjuan, head of the pension and insurance office at the Ministry of Human Resources and Social Security, told a news conference on Tuesday that China was now preparing “positive, comprehensive and scientific measures” to handle the challenge.
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