China’s retirement delay offers respite as Beijing ‘robs the rich to help the poor’

In China’s three northeastern rust-belt provinces of Liaoning, Jilin and Heilongjiang, where ageing rates have been among the nation’s highest, pension fund shortfalls present a long-term vulnerability.

Facing an economic slowdown steeper than the national average and financial difficulties, the numerous retirees in the region of 99 million people bordering North Korea, Russia and Mongolia would not have been able to eke out a living without help from the better-off coastal provinces.

Last year, the three provinces received a combined 180 billion yuan (US$25.4 billion) in central government transfer payments to fill the void in their pension funds, according to the Ministry of Finance, with the figure representing more than half of their total tax revenues of 342.9 billion yuan.

Across China, just half of all provincial administrative regions recorded pension fund surpluses that could be turned over to the central government last year, with only four – Guangdong, Beijing, Jiangsu and Anhui – able to hand in at least 10 billion yuan each.

Guangdong, China’s largest provincial economy with only 15 per cent of its 120 million population aged 60 or above, handed in 115.8 billion yuan alone last year.

Темы и теги

Пекин Работа, Карьера, Учеба

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