A change that concerns everyone:

The five social insurances and one housing fund will become six insurances and one housing fund,

This is not just about paying a little more each month,

It's actually a win-win operation.

Yesterday, the General Offices issued a document: Accelerate the establishment of a long-term care insurance system.

It clearly states:

To establish a long-term care insurance system within three years that is suited to China's basic national conditions, covers all citizens, coordinates urban and rural areas, is fair and unified, safe and regulated, and sustainable.

This means:

The long-term care insurance, which has been piloted locally for ten years, will be expanded nationwide, and the current five insurances and one housing fund will become six insurances and one housing fund.

How do we see this? Why is it called a win-win?

1. Addressing Aging Population

The so-called long-term care insurance is mainly for people with disabilities, including those caused by illness, accidents, and aging.

Of course, it mainly aims to address aging.

We know:

By 2035, the population over 60 will exceed 400 million, surpassing the working-age population, entering a stage of deep aging.

There will be a large number of elderly people disabled due to aging, accidents, and illnesses. It is often said that “long illness at the bedside leaves no filial children,” which is a profound realization. Those who haven't experienced it won't understand.

Relying on family and children for care is less efficient than socialized care.

This is the main consideration.

2. Development of Service Industry

Long-term care can drive an entire industry chain:

From professional nursing, to care industry, to terminal care institutions, and even including elder care robots.

In the past, people cared for elderly at home:

Now, they can be directly sent to care institutions, which are more professional and can also create more jobs.

According to relevant departments’ requirements:

The nurse-to-elder ratio in care institutions is roughly 1:8 to 1:10. Imagine how many jobs can be created when 400 million elderly become disabled.

It can absorb employment, especially for middle-aged people over 35.

3. Stimulating Domestic Consumption

For families with disabled elderly, caring for one senior requires a lot of manpower, material resources, and mental energy.

With socialized long-term care, family members of disabled elderly can lighten their burden, free up manpower for re-employment, and in the long run:

Reducing care burdens can also stimulate consumption demand.

4. The Most Critical Payment Part

From the documents issued by the two offices:

Although diversified funding sources are encouraged, the main reliance is still on全民缴费 (全民 contribution):

The rate is uniformly controlled at about 0.3%.

This is currently the lowest social insurance rate, consistent with work injury insurance, shared equally by employers and individuals.

In other words:

If you earn 10,000 yuan a month, you only need to pay 15 yuan per month to enjoy long-term care insurance benefits.

Retirees need to pay themselves, and flexible employment will be subsidized by the government for five years.

As long as the disability condition is met, regardless of age, one can enjoy long-term care benefits.

What do you think?

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