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Social Insurance Reform Implimented on the Public Service Sector

2014-07-01 09:13 CRIENGLISH.com Web Editor: Si Huan
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A "regulation on public service human resources" will be implemented from July 1. Stating that the public service sector and related staff should take part in social insurance system according to the law. State council had promulgated the regulation on May 14.

This reform will break the traditional "iron rice bowl" and allow the hiring procedure to be more flexible.

Now, even if people transfer to other sectors, they would still be able to sustain entitlement to their endowment right.

This change aims to stimulate employee's enthusiasm, impose pressure on them to improve their working efficiency, and promote competitiveness.

However, the large quantity of financial supply needed to cover the endowment insurance remains an uncertainty, and it is also considered core factor in deciding the success of this reform.

If this reform is implemented sucessfully, 31.53 million people would benefit from it.

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