CHINESE TAKE BIG STRIDES Here's what the new long-term care insurance will be used for
China has announced a new long-term care insurance system, aiming to reduce the burden on families caring for the elderly and strengthen social security in the country.
TL;DR
- China has launched a new long-term care insurance system.
- The system aims to reduce the burden on families caring for the elderly.
- It will provide basic and medical care for individuals with disabilities lasting at least six months.
- The initiative addresses the challenge of China's aging population, projected to have 400 million people over 60 by 2035.
- Funding will be a combination of employer contributions, individual payments, and government subsidies, with a total contribution rate of around 0.3 percent.
- A unified fund will ensure equal benefits for both rural and urban populations.
- Authorities also plan to reduce healthcare disparities between urban and rural areas by 2035.