Over $300b in China's pension fund

BEIJING - China's fast-growing national pension fund had 1.95 trillion yuan ($309.52 billion) in its accounts by the end of 2011, a report on the nation's social security fund showed Wednesday.

By the end of last year, the fund has covered 283.91 million working people, retirees and beneficiaries, an increase of 26.84 million from a year earlier, according to the report released by the Ministry of Human Resources and Social Security.

Among them, 41.4 million were rural migrant workers, 8.56 million more than the year before.

In 2011, the fund collected 1.69 trillion yuan in revenue, up 25.9 percent year-on-year. The expenditure rose 20.9 percent from 2010 to 1.28 trillion yuan.

The government has raised the per capita monthly pension for retired corporate employees for eight consecutive years to 1,511 yuan.

The report also showed the national social security system which covers the pension fund, medical insurance, work injury insurance, unemployment insurance and maternity insurance had 3.02 trillion yuan in assets.