China’s pension funds struggling to cope with ageing population-state media
Thirteen pension funds in regions and administrative units around China only have enough money to pay less than one year’s worth of pensions, media reported on Monday, as the country struggles with an ageing population and shortfalls in the nation’s pension schemes.
Guangxi, Jiangxi, Hainan, Inner Mongolia, Hubei, Shaanxi, Tianjin, Hebei, Liaoning, Jilin, Qinghai, Heilongjiang and the Xinjiang Production and Construction Corps can all pay less than one year’s worth of pensions to workers covered under the respective funds, the official Beijing News reported, citing China’s 2016 Social Security Development Annual Report.
Guangdong province, which had the largest sum of accumulated pensions, can pay 55.7 months worth of pensions, according to the newspaper.
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