Chinese Premier calls on to improve endowment insurance system

Chinese Premier Wen Jiabao called for improving the endowment insurance system in companies across the country as he presided over a State Council routine conference on Wednesday.

All companies in China must ensure prompt payment to retirees, Wen said, adding that local governments should enlarge the scope of endowment insurance by encouraging employees in private companies and self-employed people to join the system.

He asked the three provincial governments in northeast China to conduct the endowment insurance distribution reform.

He also demanded strengthening the collection of money and the supervision of the insurance.

The issue of retooling major factory-run collective units on a trial basis was studies at the conference, since these units had once played vital roles in developing national economy and providing employment for workers.

However, some of these major collective units have now suspended production and their workers lost their jobs, thus constituting leading factors to restrict the revamping of state-owned enterprises and affect social stability.

Source: Xinhua