China's Social Insurance Income Growth Rate Slows down in 2014
New data from the Ministry of Human Resources and Social Security shows the percentage-growth rate of China's social insurance income has surpassed payments this past year.
Injection into the overall social security system last year hit 3.8 trillion yuan.
That's an increase of around 12-percent year on year.
But at the same time, Social Security payments amounted to 3.2-trillion yuan.
While still some 600-million yuan above the break-even line, payments did increase around 18-percent from a year earlier.
Hu Xiaoyi is the deputy Minister of Human Resources and Social Security.
"The social insurance fund is facing more pressure when it comes to balancing the bills. The growth rate of social insurance income was around 18 percent a few years ago. However, it dipped last year. With an aging society, there are more demands for social insurance spending. So with a high rate of expenses, the balance becomes narrower."
China's social insurance system covers the basic pension insurance, medical care, work-related injuries and maternity leave.
