The Ministry of Human Resources and Social Security has briefed the media on issues related to social welfare. Minister Yin Weimin says the government’s priority is to address unemployment and extend the old-age pension system this year.
Social welfare is a hot issue at this year political season.
Discussion was intense between the Minister and the media.
Yin Weimin, Minister of Human Resources and Social Security, was frank. Although more than 12 million new jobs were created last year, the situation remains tough.
Yin said, "We have clearly recognized that China’s employment situation is still facing enormous pressure. The main factors are the pressure from quantity and the structural problem. Recruitment difficulties are mainly reflected in the shortage of technicians and front-line workers, and the employment difficulties mainly refer to university graduates."
The 2012 target is more than 9 million new jobs. Yin Weimin promises to keep the unemployment rate at or below 4.6 percent.
That’s in line with the government work report delivered by Premier Wen Jiabao.
As for social security, China is exploring new channels to increase the value of its huge fund.
And many are wondering, how much will go into the old-age pension system.
"We have continually adjusted the basic pensions for enterprise retirees for 8 years and the annual adjustment range reaches 10 percent. Based on this formula, we pay more attention to senior retirees from state-owned enterprises. Universal adjustment has allowed us to some extent solve the imbalance in pensions between different groups," said Yin.
By the end of this year, China will achieve full coverage of the new old age pension system for rural residents and non-working urban residents.
The ambitious plans show the determination of the government in a period of relatively slow economic growth.