The New Pension Scheme in China and its Effect on the quality of life of Government and Enterprise Employees in Nanning City

Abstract

This paper is a part of research on “The new pension scheme and its impacts on the quality of life: a comparative analysis of government and enterprise employees in Nanning City, the People’s Republic of China.” A qualitative method was employed to collect data from 400 government and enterprise employees in Nanning City. Descriptive and inferior statistics were used to analyze the data. The findings show that some differences in personal data affected the quality of life, i.e., financial situation, spirituality, freedom and life control, social relationships, responsibility for a family, and living in good surroundings. Recommendations include The Chinese government should develop a new pension system by reducing the pension insurance payment rate of the enterprise from 20% to 15%. The enterprise annuity should be changed from “voluntary” to “semi-mandatory”. The next research should be expanded to big cities like Shanghai, Beijing, Shenzhen, and Guangzhou.