养老保险新投资方案将上报

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　　"Our first priority is to allow market to manage pensions. The fund will be run by professional investment agencies based on market rules. Secondly², we want to diversify³ investment channels. Apart from buying treasury⁴ bonds and bank investments, we plan to choose projects which we feel have good financial prospects⁵. In saying that, we are going to pay particular attention to try to avoid risks. Only a certain part of the pension fund will be allocated⁶ toward stock market investment."

　　Under the current rules, money held by the government in the pension fund can only be invested in treasury bonds and bank deposits.

　　养老保险新投资方案下半年报国务院

　　This has only produced an annualized investment yield of around 2-percent for the past few years, meaning the pension fund has been losing money, as its yield has been below the rate of inflation.

　　Yin says the new investment plan is designed to boost the value of the pension funds.

　　Apart from that, Human Resources vice-Minister Hu Xiaoyi says that even when in deficit⁷, the pension funds for Party Staff and government employees will not eat into the funds for enterprise employees.

　　"Pensions for Party Staff and public institutions are funded by the public finance. Their pension funds are operated independently and are not mixed with pension funds for enterprise employees."

　　Under the old, dual-track pension system, company employees were required to contribute 8-percent of their monthly salary to the pension system.

　　Government employees had been exempt⁸ from this, with pensions dolled out after retirement⁹ without making any contribution at all.

　　This was known as the "iron rice bowl," which made government jobs much more appealing.

　　Earlier this year, the State Council announced a reform plan to unify¹⁰ the dual-track system.

　　Government and public institution staff are now required to be brought under the same pension system as company employees.

　　For CRI, I'm Qi Zhi.

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