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Xinhua: Weaknesses of Chinese Social Security System

In a recent forum, Yin Weimin, Minister of Human Resources and Social Security, discussed four main weaknesses of China’s current Social Security System: (1) elderly unemployed city residents don’t enjoy any pension or monetary protection; (2) the aging traditional pension system still covers the government system and public institutions; (3) there is a lack of smooth connections between various social security related systems; (4) supplementary social protection systems are under very slow development and do not satisfy diverse market needs.

Yin suggested that a sound social security system is urgently needed for sustainable social development. The biggest unfairness is the fact that a large chunk of the population lacks basic social protection arrangements.

Source: Xinhua, August 23, 2010