The development and prospects of China's old‐age security system

On the basis of a description of the framework of China's urban and rural old‐age security system and major security policies, this study examines the operation of the old‐age security system currently in effect. From the point of view of setting up a system that would cover both urban and rural areas, we can see problems with the current system, including a development imbalance between urban and rural social security, wide gaps between different groups, the absence, fragmentation and artificial segmentation of the social security system, blurred government responsibility, etc. The paper goes on to propose establishing an old‐age subsidy for urban and rural residents without income security, improving basic old‐age insurance for enterprise employees in urban areas, reforming the superannuation schemes of government organizations and public institutions, and setting up rural old‐ age insurance.

Keywords

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• old‐age security system,
• basic old‐age insurance system for urban enterprise employees,
• superannuation scheme,
• rural old‐age insurance,
• old‐age subsidy