About 40 million members of government, Party, and public institution staff will be affected by the reform of China's pension system.
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China's Vice-Premier Ma Kai on Tuesday reported on the social security system at the ongoing bi-monthly session of the National People's Congress (NPC) Standing Committee, saying the basic idea is a pension system for public employees with the same qualities as those urban retirees from enterprises.
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Changes to occupational annuities and the salary system will be made simultaneously nationwide, Ma added.
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China has the most public employees in the world. As the population is expected to reach 1.43 billion in 2020, the State Council wants a pension system that covers the whole population.
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Ma said the government hopes to cover 900 million people by 2017, and 1 billion in 2020, raising the coverage rate from the current 80 percent to 95 percent.Â
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About 40 million members of government, Party, and public institution staff will be affected by the reform of China's pension system.
