News China21 Feb 2020

State-run basic pension scheme expected to lose US$67bn from contribution cut

State-run basic pension scheme expected to lose US$67bn from contribution cut | 21 Feb 2020

Reduced contributions to the government-run basic pension scheme are expected to cause revenue losses worth CNY471.4bn ($67.1bn) to the state pension fund system; however, the impact is generally controllable, according to Mr Yu Weiping, vice finance minister.

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