Source: CCTV.com

12-21-2006 10:16

China has given its national pension fund the mandate to manage government payouts to individual pension schemes in 9 localities.

The National Social Security Fund (NSSF) has signed corporate agreement with Tianjin, Shanxin, Jilin, Heilongjiang, Shandong, Henan, Hubei, Hunan and Xinjiang to manage and invest the funds for a minimum of 5 years. NSSF says the move underscored the country's confidence in the NSSF's ability to manage China's pension funds. By the end of September this year, the net-incomes of NSSF have increased over 6 percent, earning over 12 billion RMB profits.

Chairman of National Social Security Fund Xiang Huaicheng said:"We promise the minimum net-earnings per year will 3.5 percent, and board of NSSF will take all the risks and reasonability. And the excessive profits outside the 3.5% will still be restore to the personal accounts. "

Editor:Lu Yuying