BEIJING: China has released details of a pension scheme reform that seeks to decrease urban-rural economic divisions before 2020, state media reported on Wednesday, part of an overhaul that encourages labour mobility but does not address deeper problems in the system.
A new pension fund will be made up of annually paid pension insurance, government subsidies and other contributions, and will pay pensions to residents from the age of 60, state news agency Xinhua reported China's State Council as saying on Wednesday.
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