China’s old-age insurance coverage surges by 14.34 million

Revenue of three social insurance funds totalled $309.6b in Q1’24.

China’s Ministry of Human Resources and Social Security indicates that by the end of March 2024, the number of individuals covered by basic old-age insurance in China had reached 1.07 billion, marking an increase of 14.34 million compared to the previous year, its state news agency reported.

Additionally, 240 million people were covered by unemployment insurance, showing a year-on-year increase of 4.49 million, whilst the number covered by work-related injury insurance reached 290 million, up by 5.58 million from the previous year.

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In the first quarter of 2024, the revenue of the three social insurance funds totalled ~$309.58b  (Y2.2t), with total expenditure amounting to $250b (Y1.8t) This left an accumulated balance of $1.19t (Y8.6t) by the end of March.

($1.00 = Y7.22)