Premier Li stresses efforts to ensure basic pension payments

Chinese Premier Li Keqiang has stressed efforts to implement a central management system to ensure basic pension fund payments.

A central system for basic pension funds of enterprise employees will be established to strengthen sustainability of the basic pension scheme and balance the pension payment burden in different regions, according to instructions made by Li.

The instructions were conveyed Monday at a conference on the implementation of the system.

Coordinated efforts should be made to ensure fund raising, allocation, and management under the system, Li said.

Local authorities should strive to ensure that basic pension payments are met in time and in full via means including transferring some state assets to the country's social security funds, he said.

Vice Premier Han Zheng attended Monday's meeting, which was chaired by Vice Premier Hu Chunhua.

Speaking at the meeting, Han said the establishment of the central system was an important part of the national coordination of pension funds.

Han stressed collection and management of the basic pension funds to maintain the sustainability of the central management system, and that fiscal support should be enhanced to ensure that retirees receive the full pension on time.