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| Pension subsidies come under central control |
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| www.chinaview.cn
2006-12-21 20:37:48
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BEIJING, Dec. 20 (Xinhua) -- Nine Chinese provinces
and regions have signed over control of the government subsidies of social
security schemes to the National Council for Social Security Funds (NCSSF).
The nine pilot provinces and regions are Tianjin Municipality, Shanxi, Jilin, Heilongjiang, Shandong, Henan,
Hebei and Hunan provinces and Xinjiang Uygur Autonomous Region.
A circular from the Ministry of Labour and Social
Security said central subsidies could be entrusted to the NCSSF in order to
secure minimum return rates.
The assets will be operated by the NCSSF for a
minimum period of five years, with the promise of a "good" rate of return and no
management fees.
Xiang Huaicheng, chairman of the NCSSF, said the
NCSSF would endeavor to increase the value of the central subsidies to
individual pensions.
The market value of the China's social security funds
was 255.4 billion yuan (32.74 billion U.S. dollars) by the end of September with
a return of 12.136 billion yuan for the first nine months.
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