Social pension system on the way
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The Ministry of Civil Affairs is now taking public suggestions for the social pension service system, which is expected to go into effect in 2015, the Beijing News reported on February 12.
According to a draft proposal, the service system will consist of home, community and organization services. Home services, which may or may not be defined, are considered the basic way for helping seniors.
The 12th Five-Year Plan (2011-2015) proposes that the pension system will be funded by government endowments, donations, individual payments and other measures. Under the service system, day-care centers, nursing homes, retirement communities and other social welfare institutions will be established in towns and cities across China. Insurance for elderly care will also be created.
