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Premier Li stresses central management of pension funds

Updated: Jun 11,2018 9:22 PM

Premier Li Keqiang called for efforts to improve the central management system for basic pension funds of enterprise employees, in an instruction sent to a meeting on June 11.

Establishing the central management system is of vital importance to the sustainability of the pension funds, the inter-provincially balanced use of the funds, and the fairness of people’s rights in retirement insurance, Premier Li said.

All local governments and government departments should enhance coordination in funds collection, allocation and management and improve the assessment mechanism for rewards and punishments to ensure the sound operation of the system, the Premier said.

He urged local governments to take responsibility to enhance financial management, improve the provincial-level coordination system and invest capital in the funds, to make sure that retirees will receive the full amount of pension funds on time.

Government departments should work with all parties to improve the central management system for more efficient, fairer and sustainable retirement services.

Vice-Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, attended the meeting. Vice-Premier Hu Chunhua presided over the meeting.