China unifies the pension systems for rural and urban residents

Beijing on Feb 7, announced it would unify the pension systems for rural and urban residents, a move which analysts assessed will help narrow the country's income gap. The decision was taken at a meeting of the State Council chaired by Premier Li Keqiang .
In recent years governments have sought to extend coverage to as many residents as possible, and by the end of 2012, more than 130 million people were receiving payments. At least 15 provinces and municipalities, mostly in the wealthy coastal areas, have already unified their rural and urban pension schemes. This has allowed rural residents to enjoy some benefits their urban counterparts received.





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