Centralized pensions would encourage labor mobility, says Prof Park to Bloomberg BlusinessWeek

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…One controversial proposal to strengthen the system is to narrow the gap between public and private employee benefits. Another idea is moving the responsibility of managing pensions from villagers and town residents to officials in provincial capitals. Ideally, all the funds would be managed centrally in Beijing. If the funds were consolidated it would be easier for migrant workers to access their now fragmented pensions. That would encourage labor mobility, says Albert Park, a professor of economics at the Hong Kong University of Science and Technology

Read the article “Chinese Rage at the Pension System” on Bloomberg BusinessWeek by Dexter Roberts (October 31, 2013).

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