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Answering readers’ questions on the importance, coverage and flexibility of the social insurance policy, at the meeting, experts said one of the general goals of social insurance policy reform mentioned in the resolution of the 7th plenum of the 12th Party Central Committee was "that social insurance is really a main pillar of the social security system, gradually expanding the coverage of social insurance, towards universal social insurance coverage”.

The term “universal social insurance coverage” does not mean all citizens participate in social insurance but all citizens have the right and opportunity to approach social insurance policies when reaching working age and enjoying retirement policy when getting older. 

To achieve the goal, the Party Central Committee has urged “developing a flexible, diversified, multi-tier social insurance policy system towards universal coverage” which in the content of policy reform. Accordingly, building a multi-level social insurance system by:

Developing and completing the basic social insurance policy system based on contribution of employees and employers.

Offering social pension allowances through the implementation of the pension policy for the elderly from the State budget (for those who do not have a monthly pension or social insurance allowance).

And implementing supplementary pension insurance as a voluntary retirement system based on market principles, giving employers and employees more options to contribute to receive higher pension.

In order to achieve the goal of universal social insurance coverage, in the future, the social insurance policy will be gradually changed and perfected to expand the basic social insurance coverage which requires flexible participating time; implement the roadmap to gradually reduce the age to receive social pension allowances to expand the beneficiaries of this policy./.