Pension Reform in China Introduction According to a report by Hu Slater (2011), China faces significant challenges since the economy of the country is entering into a transitionary period. The Chinese government understands that as the country heads towards economic growth that is driven domestically, and away from the dominant exports and heavy industry, there will be a need to significantly develop the social welfare system. Pension reform and comprehensive welfare system is required since OECD countries are still below par. However, there are several reasons for the government to reduce the disparity between rural and urban registered workers. Over the recent past, labour mobility has been on the rise and this has had a huge impact on social cultural issues with the support networks of traditional family being unable to fulfil the welfare role they performed in the past.

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Pension Reform in China Introduction According to a report by Hu Slater (2011), China faces significant challenges since the economy of the country is entering into a transitionary period. The Chinese government understands that as the country heads towards economic growth that is driven domestically, and away from the dominant exports and heavy industry, there will be a need to significantly develop the social welfare system. Pension reform and comprehensive welfare system is required since OECD countries are still below par. However, there are several reasons for the government to reduce the disparity between rural and urban registered workers. Over the recent past, labour mobility has been on the rise and this has had a huge impact on social cultural issues with the support networks of traditional family being unable to fulfil the welfare role they performed in the past.

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Your email address will not be published. Required fields are marked *