Firstly, it is surprising to note that (ref)75% of elderly people worried about the future pension, which is low. “At the end of 2009, the total amount of pension is 2.25 trillion, only accounting for 6.62% GDP. However, the proportions in developed countries are from 40% to 50%. The government and related departments should really pay more attention on the elderly issue.” As mentioned above, the social security system in China is not fully developed. The existent pension system cannot cover widely and the fund management is dispersed. In some extend, it only focus on rural areas. Some of the elderly cannot enjoy their pension; it is mainly because the system cannot cover from urban to rural areas. In other words, the pension cannot be allocated to individual directly and efficiently. “In most of urban areas, the personal account is nominal. So the pension cannot be paid to the elderly in time. As result, it took a huge expenditure of related department to transfer to money to the elderly and the elderly still cannot receive the
Firstly, it is surprising to note that (ref)75% of elderly people worried about the future pension, which is low. “At the end of 2009, the total amount of pension is 2.25 trillion, only accounting for 6.62% GDP. However, the proportions in developed countries are from 40% to 50%. The government and related departments should really pay more attention on the elderly issue.” As mentioned above, the social security system in China is not fully developed. The existent pension system cannot cover widely and the fund management is dispersed. In some extend, it only focus on rural areas. Some of the elderly cannot enjoy their pension; it is mainly because the system cannot cover from urban to rural areas. In other words, the pension cannot be allocated to individual directly and efficiently. “In most of urban areas, the personal account is nominal. So the pension cannot be paid to the elderly in time. As result, it took a huge expenditure of related department to transfer to money to the elderly and the elderly still cannot receive the