Jun 16, 2023
10M Shenzhen People Social Security Pensions Disappeared; Medical Insurance Owes Hospitals 350B
Posted by Raphael Ramos in categories: biotech/medical, government
On May 8, Shenzhen citizens found a significant reduction in their social security pension balances. Some people’s accounts even shrunk a third, the most loss reached 120,000 RMB, around 17,000 USD. A wave of public outcry ensued, with aggrieved parties accusing the government of arbitrarily “pooling” their hard-earned social security funds. The controversy grew to such an extent that the balance inquiry function of the Shenzhen social security system was promptly suspended.
Following in the footsteps of Shanghai, Shenzhen has become the second major city to execute a social security coordination. Between midnight on April 24th, 2023, and 9 am on May 8th, the Shenzhen Social Insurance Information System was suspended to integrate into Guangdong Province’s system, thereby linking to the National Pension Insurance Coordinated Information System for Enterprise Employees. Upon the system’s restoration, however, a considerable number of Shenzhen residents were shocked to find that their social security account balances suddenly decreased, with some accounts seeing a drastic 30–40% plunge. The whereabouts of these diverted funds remains a mystery.