In China’s northeastern rust-belt provinces, pension fund shortfalls have become a long-term concern due to high ageing rates. The economic slowdown in the region, with a population of 99 million, has exacerbated financial difficulties for retirees.
Last year, the three provinces received 180 billion yuan in central government transfer payments to bolster their pension funds, accounting for more than half of their total tax revenues. Across China, only half of provincial regions had pension fund surpluses available for the central government.
Provinces like Guangdong, Beijing, Jiangsu, and Anhui were able to contribute at least 10 billion yuan each. Guangdong, with 15% of its population aged 60 or above, handed in 115.8 billion yuan alone, highlighting the disparities in pension funding across different regions in China.
In China’s northeastern rust-belt provinces, the challenges of pension fund shortfalls due to high ageing rates are a pressing issue. Despite receiving substantial government support, the disparity in pension funding across regions like Guangdong showcases the complex landscape of retirement security in China.
[ad_2]
Source link