In November, the Chinese Ministry of Human Resources and Social Security ("MOHRSS") published the 2016 China Social Security Development Annual Report. This report comprehensively and systematically assessed the construction, management and operation of various social insurance systems in China up until the end of 2016. This is the third annual report released by MOHRSS to the public concerning the development of social insurance systems.
The essential data in the 2016 annual report are as follows:
- The number of insured people In 2016, MOHRSS continued to promote the implementation of the People's Insurance Registration Scheme, ensuring precise management and expansion throughout the country. All sets of figures for the five insurance participants increased compared with the previous year. Notably, the number of endowment insurance participants was recorded as RMB 887.77 million, the number of basic medical insurance participants was RMB 743.92 million, the number of employment injury insurance participants was RMB 215.89 million, the number of unemployment insurance participants was RMB 180.89 million and that of maternity insurance was RMB 184.51 million.
- Income and expenditure In 2016, the total income of China's five social insurance funds was RMB 5,356.4 billion, an increase of 14.1% compared with the previous year. The total expenditure was RMB 4,688.8 billion, an increase of 20.3% compared with the previous year, and the fund's accumulated balance was 6,635 billion yuan, an increase of 11.5% compared to the 2015 figures.
- Average Pension The average pension for retired workers in companies was RMB 2,373 (approximately USD 358) per month. Compared to the 2015 figures, this marks an increase of 5.4%, or RMB 122 per month (approximately USD 17).
- Average unemployment insurance payment The average unemployment insurance payment was RMB 1051 per month (approximately USD 159). Compared to the 2015 figures, this constitutes an increase of 9.5%, namely RMB 91 (approximately USD 14).
- Supplementary insurance The role of supplementary insurance is increasingly prominent. By the end of 2016, there were 76,000 businesses that had already established business annuity throughout the country, with 23.25 million participating employees. Together they accumulated funds of RMB 1.1 trillion and 290.22 million workers received supplementary medical insurance.