China Pension Reform Project

closed

The objective of the Pension Reform Project is to assist China reform its pension system, through sustainable funding strategies. Also, the project aims at improving the pension system in a pilot province and city, so as to obtain experience and develop templates for the establishment of a national unified pension system. To this end, an actuarial model will be developed, to assess the financial viability of the Qingdao municipal, and, the Heilongjiang provincial pension systems, in accordance with existing parameters. The project components will include: 1) policy development, and, regulation drafting regarding pension reform issues; 2) development of sustainable funding strategies for the municipal and provincial pilot pension systems; 3) update and revision of information, and related administrative systems, both at the Ministry of Labor and Social Security (MOLSS), and the municipal and provincial pilots' labor bureaus, through the installation of automated systems for greater capacity and processing efficiency; 4) training, to support the enhancement of personnel skills requirements, which will include areas such as, pension management and reform policy, financial projections, and, pension asset management; 5) assistance in project administration at the level of MOLSS and pilot project units, supporting costs, such as, personnel, internal travel expenses, printing, communications, translation, and related expenses.