Social security in China

Social security in the People's Republic of China consists of two systems: one for urban workers in the formal sector and one for rural farmers and nonworking urban residents. The systems have different benefits and are funded differently. The urban system is the largest component of China's social security, and it includes both a social pooling account and mandatory individual accounts. In the less developed rural program, old farmers receive a small pension financed by general fiscal revenue and young farmers make small contributions to their individual social security accounts.

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