575 bln yuan of central budget goes to social security
时间：2013-03-03 02:03:19
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BEIJING, March 1 (Xinhua) -- The expenditure1 in China's central budget on social insurance and job security totaled 575.37 billion yuan (91.62 billion U.S. dollars) in 2012, the Ministry2 of Finance (MOF) announced Friday.
The central government also spent 204.82 billion yuan on medical treatment and public health initiatives, the ministry said in an online statement.
Some 45.4 billion yuan was
allocated3 to support local employment
subsidies4 and carry out a job-creation project for
high-tech5 talents, according to the statement.
Expenditures6 on basic endowment insurance for state enterprise retirees, a major
component7 of China's social insurance funds, hit 217 billion yuan in 2012, it said.
Another 65.4 billion yuan of the central budget went toward subsidies for other rural and urban residents covered under the country's social old-age insurance system, it said.
At least 70 percent of medical expenses were
reimbursed8 for hospitalized residents that
subscribed9 to various types of medical insurance, the ministry added.
China's social insurance funds are composed of five parts: basic endowment insurance for the elderly; basic medical insurance; unemployment insurance; work-related injury insurance; and
maternity10 insurance.
Official data show that China's pension system covered 484 million people by the end of 2012.
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