Chinese Savers Fear Pension Won’t Be Enough: Survey
The China Post
November 5, 2008
Eight out of 10 Chinese save money and reduce spending because they do not trust the government to help out when they retire or if they fall sick, according to a survey published Tuesday. In an online survey covering 6,919 people, 81.8 percent of the respondents said they had to save money for retirement because they had little confidence in the pension system, the China Youth Daily said.
According to the survey conducted last week, 76 percent cited high medical costs as the factor forcing them to save, the newspaper reported. By the end of September, China’s pension system covered 215 million people in cities and 51.7 million in the rural area.
The rest of the 1.3 billion population either have no pension coverage at all or receive a reduced salary after retirement from their employers, which mostly are state-owned enterprises.
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