(0602 CR M08)URBAN PENSION PROGRAM

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(0602 CR M08)URBAN PENSION PROGRAM DATELINE: June 2, 2011 LENGTH: 00:01:33 PKG INTRO China will start a new pension program next month for help unemployed urban residents. China Report has more. PKG The State Council, or China's cabinet, said on Wednesday that the social pension system will be implemented in 60 percent of China's cities and townships by the end of the year. Officials say it will be introduced countrywide next year. All unemployed urban residents over the age of 16 will be eligible for the program, officials said. Students are not included. The program will help create full coverage for China's basic social pension system. Funds for the program will be partially raised by taxes, as well as government subsidies. Insured residents over the age of 60 will be able to receive a basic monthly pension of 8.5 U.S. dollars after paying feeds to join the program. Other urban residents will receive monthly endowments of varying amounts according to price fluctuations Powered by www.newslook.com Producer : Xinhua News Agency

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