China slides faster into pensions black hole

Eighty-year-old Chinese farmer Guo Shuhe receives a state pension equivalent to just US$9 a month, not enough to buy a month worth of groceries, but enough it seems, to risk punching a gaping hole in government finances.

Guo, whose palms are thick and rough from a life spent hoeing fields in southwest China, is one of over 150 million people covered by a rapidly expanding rural retirement scheme which is accelerating the nation’s slide into a pension crisis.

via Business feed http://www.scmp.com/business/economy/article/1054598/china-slides-faster-pensions-black-hole