484 million Chinese covered by pension system

BEIJING - China's pension system had covered 484 million people as of 2012, according to figures revealed by the Ministry of Human Resources and Social Security (MOHRSS) on Wednesday.

Hu Xiaoyi, vice-minister of human resources and social security, said at a national conference on social insurance funding that 304 million urban Chinese were covered by the pension system, 50.9 percent higher than the number registered in 2007.

Gross revenues for social insurance funds totaled 2.85 trillion yuan ($457.45 billion) and gross expenditures reached 2.21 trillion yuan in 2012, 2.63 times and 2.8 times that of five years ago, respectively, the ministry said.

Basic endowment insurance per capita has increased 86 percent compared with five years ago, Hu said.

China's social insurance funds comprise five parts: basic endowment insurance for the elderly, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance.