Conditions for obtaining: The employees of the enterprise have reached the statutory retirement age (60 years for male employees, 55 years for female cadres, 50 years for female workers), and if the individual pays 15 years, they can receive basic pensions on a monthly basis after retirement.
Coverage: As of the end of 2011, the number of people insured in China was 280 million.
2. New rural social endowment insurance
Implementation time: Pilot in 2009, full coverage by 2020
Insured scope: Rural residents who have reached the age of 16 (excluding students) and who have not participated in the basic endowment insurance for urban employees may voluntarily participate in the household registration.
Payment method: The new rural insurance fund consists of individual contributions, collective subsidies, and government subsidies.
Conditions for receiving: Older rural residents who are 60 years of age or older and do not enjoy basic pension insurance for urban workers can receive pensions on a monthly basis.
Coverage: As of the end of 2011, a total of 358 million people in China participated in the new rural insurance.
3. Urban Residents' Social Endowment Insurance
Implementation time: Pilot in July 2011, full coverage in 2012.
Insured coverage: Urban non-employed residents who are 16 years of age or older (excluding students) and who do not meet the basic pension insurance requirements of employees can voluntarily participate in the household registration.