As in many countries, China has put in place a system to ensure its citizens will be able to maintain some income after their retirement. It operates by receiving contributions on a monthly basis from both the employee and the employer. The portion contributed by the employee goes into a personal fund (the contribution directly accrues to the individual) and after retirement the individual can draw on the funds in this pool directly. In contrast, the contributions made by the employer go into a social pool. Funds in this pool are distributed to all citizens that have made contributions into the system during their working life. In this way even citizens that have used up the personal portion of their pension will have some income on which to support themselves (although it is likely to be only several hundred RMB per month). In terms of the amount of contributions that need to be made each month by both employee and employer, pension is generally the largest component of social insurance.

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