China is facing challenges to enlist all people in its pension insurance system and to keep the pension funds sustainable, the country's top human resources and social security official said yesterday.
About 900 million people in China, or 90% of the country's population excluding pre-school children and students, have been included in the endowment insurance system, Mr Yin Weimin, Minister of Human Resources and Social Security, told a news conference on the sidelines of the ongoing 19th National Congress of the Communist Party of China.
Mr Yin said that the remaining 100 million people not yet enlisted under the scheme are mainly those in flexible employment, or in new forms of industry, including Internet and express delivery industries, and those employed by middle and small-sized enterprises, most of whom are migrant workers, reported China Daily.
In the 1990s, five employed were supporting one retired who were covered by the endowment insurance. Currently, the old-age dependency ratio stands at 2.8:1. The situation will worsen as the country's population continues to age, he said.
The number of people over 60 years old in the country had reached 230 million, or 16.7% of the country's total, by the end of last year.