China's basic old-age insurance covers 1.07 bln people

The number of people covered by basic old-age insurance in China had reached 1.07 billion by the end of March 2024, official data showed.

This figure represented an increase of 14.34 million people compared with the same period last year, according to data released by the Ministry of Human Resources and Social Security.

By the end of March 2024, 240 million people were covered by unemployment insurance, an increase of 4.49 million year on year, the data revealed.

The number of people covered by work-related injury insurance had reached 290 million by the end of March, a year-on-year increase of 5.58 million people.

In the first quarter of 2024, the revenue of the three social insurance funds had totaled 2.2 trillion yuan (US$ 309.58 billion) and total expenditure amounted to 1.8 trillion yuan, leaving the accumulated balance at 8.6 trillion yuan at the end of March, according to the data.