China's basic pension program covered 842 million residents and health insurance included 1.39 billion population at the end of 2014, 133 percent and 10 percent more than in 2010, respectively, said Jin Weigang, director of the Institute for Social Security Research at the Ministry of Human Resources and Social Security.
Jin also said monthly pension for Chinese residents have increased from 55 yuan to 100 yuan, 70 yuan of which is subsidized by central fiscal fund. The ministry also released a report on implementation assessment of the Social Insurance Law, which was promulgated in 2010.
The report pointed out several problems including lack of supporting policies and obsolete clauses and it suggested that some of the clauses should be amended as soon as possible to improve operability.
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