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824,000 rural residents covered by endowment insurance
2010-December-31 Source: english.gz.gov.cn
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In November 2010, a new policy on endowment insurance was enacted in Guangzhou, allowing rural residents to buy endowment insurance which is available at seven premium rates ranging from 10 yuan to 130 yuan.

Under the new policy, the government pays a monthly old-age pension of 110 yuan, higher than the nation's standard 55-yuan monthly old-age pension. This means that Guangzhou needs to allocate another 400 million yuan from city coffers to cover the expenses.

On average, the municipal government currently subsidies 91 percent of the premium payments of individuals and collective economic groups, with the highest subsidy reaching 130 percent of the minimum premium. The subsidies are expected to be raised as the premiums rise.

As of December 28, a total of 824,000 rural residents in Guangzhou are covered by endowment insurance, including 687,000 people covered by the new rural insurance. Another 137,000 rural residents aged 35 and above are also covered by the basic endowment insurance for urban employees. The total number of rural residents insured represents 108.4 percent of the target set by the municipal government for this year, and the overall coverage of endowment insurance has reached 75 percent.

(Translated by Guangzhou Association of Foreign Affairs Translators)

Editor: Olivia
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