Will the future pension be enough？ Ministry of Finance responded： Pension payment is guaranteed.

　　People’s Daily Online, Beijing, September 24 (Zhang Mei) On the morning of the 24th, the press center celebrating the 70th anniversary of the founding of People’s Republic of China (PRC) held its first press conference in the press conference hall on the second floor of Media Center. Liu Kun, Minister of Finance, introduced the operation of China’s old-age insurance, and pointed out that at present, the operation of China’s old-age insurance fund is generally stable, and the issuance of pensions is guaranteed.

　　Liu Kun said that by the end of last year, the national basic endowment insurance fund for enterprise employees had earned 3.8 trillion yuan and spent 3.2 trillion yuan. The balance of income and expenditure in that year was nearly 600 billion yuan, and the accumulated balance exceeded 4.8 trillion yuan.

　　Regarding what measures have been taken to ensure the full and timely payment of pensions, Liu Kun introduced that the central government mainly started from four aspects: raising, planning, supplementing and reforming, and promoted the development of the old-age insurance system in a more fair and sustainable direction.

　　He said that the first aspect is "lifting", increasing the proportion of central adjustment and solving the pressure problem of individual provinces. In 2019, in order to further balance the fund burden among regions, the proportion of central adjustment rose to 3.5%, and the adjustment scale was 630 billion yuan, and the western or old industrial regions benefited more than 150 billion yuan, effectively solving their difficulties.

　　The second policy is "capitalization", that is, state-owned capitalization is transferred to enrich the social security fund. Liu Kun revealed that at present, 53 central enterprises and 14 central financial institutions have transferred 860 billion yuan of social security. Preparatory work has also been carried out at the local level. In July this year, it was approved by the executive meeting of the State Council, and it will be fully promoted throughout the country.

　　The third is to "supplement", increase the subsidy to the basic old-age insurance fund, and focus on the central and western regions and old industrial bases. According to Liu Kun, this year’s financial subsidy for the endowment insurance fund is 528.5 billion yuan, up 9.4% year-on-year, which is a great increase. We will increase subsidies in the future.

　　The fourth is to "reform" and deepen institutional reform. Liu Kun said that according to the requirements of the central authorities, on the basis of overall planning at the provincial level, the progress of overall planning of endowment insurance in the whole country should be accelerated, and a reasonable adjustment mechanism for basic pensions should be established and improved. Further improve the basic old-age insurance system for urban workers and urban and rural residents.