Yesterday, the Standing Committee of the National People's Congress reviewed the draft of the Social Insurance Law.
Regarding the much-discussed issue of old-age insurance, the draft has undergone significant revisions compared to the first reading. It provides clear stipulations on key issues such as the level of fund coordination and transfer continuation. For areas where it is currently difficult to make explicit regulations, the Legal Affairs Commission of the National People's Congress provided explanations.
In addition to old-age insurance, the draft also includes separate sections on unemployment insurance, work injury insurance, maternity insurance, and basic medical insurance.
After a year, the Standing Committee of the National People's Congress reviewed the draft of the Social Insurance Law for the second time. The draft clearly states that when an individual works in a different region, their basic old-age insurance relationship will transfer with them.
The second reading of the draft clarifies and standardizes key issues.