Social welfare funds revenue nearly US$86.77b
(Shenzhen Daily/Agencies)
Updated: 2006-01-23 08:58

The social welfare funds posted revenue of nearly 700 billion yuan (US$86.77 billion) last year and paid out more than 540 billion yuan, the Ministry of Labor and Social Security said in a notice on its Web site.

The social welfare funds comprise pension, unemployment, medical, maternity and workplace injury funds.

The pension fund posted revenue of 1.86 trillion yuan for the past five years, an increase of 1.04 trillion yuan from the previous five-year period, the labor ministry said.

The unemployment fund’s revenue was 33.3 billion yuan last year, more than double that of 2000, according to the ministry.

Revenue for the medical fund was 137.8 billion yuan in 2005, more than seven times higher than 2000, while the maternity fund’s revenue nearly tripled to 4.2 billion yuan.

In 2005, the fund for workplace injuries posted revenue of 8.7 billion yuan, a 2.5 times rise from 2000.

The labor ministry didn’t provide 2004 figures for comparison.

The welfare funds have played an important role in facilitating the country’s economic development in recent years, the ministry said.

With contributions from employers and workers as well as government subsidies, the country has built up a 190 billion yuan strategic reserve for welfare use, according to the ministry.

China has been moving gradually away from a cradle-to-grave welfare system through the adoption of contribution programs.