Recently, data released by the China Social Security Council showed that by the end of 2021, China's pension balance reached nearly 6 trillion yuan. This figure is exciting, not only means the healthy development of China's pension system, but also brings good news to the majority of retirees. The release of this data once again proves the sustainability and healthy operation of China's pension system. The size of the pension balance has been growing in recent years. According to statistics, the pension balance at the end of 2019 was 52 trillion yuan, and by the end of 2020 it has grown to 58 trillion yuan. This trend shows that China's pension system has not only grown steadily in scale, but also has a strong support capacity in terms of financial sustainability.
The increase in pension balance is inseparable from the rapid development of China's economy and the promotion of continuous reform and opening up. In recent years, China's economy has maintained steady growth, the people's living standards have been continuously improved, and the social security system has also been continuously improved. By promoting the reform of the pension system and increasing the contribution ratio of insured personnel and the payment standard of pensions, China's pension system has been effectively strengthened and improved. The increase in the pension balance also indicates that the sustainability of our pension system has been consolidated. At present, China's pension income mainly depends on the contributions of employees and subsidies, while the expenditure is used to issue pensions to retirees. An increase in the pension balance means that the balance between income and expenditure is effectively maintained. This also means that retirees can rely on their pensions to support themselves and enjoy the social security they deserve.
At the same time, the increase in pension balances also makes China's pension system unique in the world. Compared with many developed countries, the healthy operation and sufficient balance of China's pension system have won a good social reputation for China. This is not only conducive to enhancing China's international image, but also brings a huge impetus to China's economic development and people's well-being. For the majority of retirees, the increase in pension balance means that they can receive their due pension on time and in full. Retirees have contributed to the country and society through their hard work throughout their lives, and they should enjoy the social security they deserve. The payment of pensions on time and in full can help them avoid worries and live a happy and healthy life in their old age.
However, an increase in the pension balance does not mean the end of the problem. With the intensification of the aging trend of the population, the pension system is facing new challenges. In order to ensure the sustainability of the pension system, we need to further increase the coverage of pension insurance, promote the reform and improvement of the pension system, improve the standard of pension payment, and encourage individuals to save moderately to reduce the pressure on the pension system.
Under the good situation of nearly 6 trillion yuan in pension balance, we have the confidence and determination to further promote the reform and development of the pension system. By continuously improving the system, optimizing management, and raising the standard of pension payment, we will provide more stable and reliable social security for the majority of retirees, so that they can live a happy and healthy life in their old age. At the same time, I believe that with the continuous development of China's economy, the scale of pension balance will continue to increase, bringing a better future to China's pension system. February** Dynamic Incentive Program