(ECNS) - Local governments in China have entrusted a total of 799.2 billion yuan ($113 billion) in pension funds to the National Council for Social Security Fund (NCSSF) to manage the assets by the end of September, according to the Ministry of Human Resources and Social Security on Monday.
Eighteen provinces, autonomous regions and metropolises have signed agreements to let the NCSSF manage 966 billion yuan of their funds, with some 799.2 billion yuan now paid in.
The ministry said that authorities in 22 provinces and the Xinjiang Production and Construction Corps (XPCC), an economic and paramilitary organization in Northwest China’s Xinjiang Uygur Autonomous Region, have introduced policies on endowment insurance and basic pension systems, with the minimum standard of basic pensions raised in 10 provinces.
Established in 2000, the national pension fund was designed to aid the country's aging population and be a strategic reserve to support future social security expenditures.
China also slashed social insurance contributions of enterprises by 219.9 billion yuan from May to September amid ongoing efforts to reduce the tax burden and boost the vitality of market entities.
The ministry said it would make efforts to guarantee timely and complete payments to retirees.