It was learned from Department of Human Resources and Social Security of Hunan Provincie that Hunan will not carry out different endowment insurance policies between urban and rural residents. The former new rural endowment insurance and urban residents'endowment insurance is planned to be unified, including payment of endowment insurance, fiscal subsidy standard and pension. The Opinions of Hunan Provincial People's Government on Establishing Unified Urban and Rural Residents'Endowment Insurance System was issued and came into effect in recent days. According to the Opinions, the fund of urban and rural residents'endowment insurance consists of individual payment, collective allowance and fiscal subsidy. The annual individual payment standard is divided into 14 levels. Besides, four levels are added to the new system, including 1,500 yuan, 2,000 yuan, 2,500 yuan and 3,000 yuan per year per person.

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 Translator: Yang Chengfei

Chinese source: news.xinhuanet.com