Chinese Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, speaks at a meeting on lowering the pension insurance contributions of enterprises in Beijing, capital of China, April 3, 2019. (Xinhua/Liu Weibing)
BEIJING, April 3 (Xinhua) -- Chinese Vice Premier Han Zheng said Wednesday that local authorities must shoulder their responsibilities in implementing measures to lower the pension insurance contributions of enterprises.
Localities and related departments must ensure a substantial reduction in the actual burden of companies, Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said at a meeting.
The country will lower the share borne by employers for urban workers' basic pension insurance, and localities may cut corporate contributions down to 16 percent, according to this year's government work report.
Han stressed that all localities should properly implement the requirements and make scientific plans for the implementation.
Since retired workers rely on their pensions, the country must ensure the fund's financial security, as well as the timely and full payments of pensions to retired workers, Han said.
He added that China should properly implement the central adjustment system for the basic pension funds, and speed up the pension fund adjustment at the provincial level.
The basic pension mechanism should be further reformed to ensure that those who have paid more or paid for a longer period of time can receive a larger pension after retirement, Han added.