Shenzhen's social security system collected 12.1 billion yuan (US$1.4 billion) in insurance premiums last year, covering old-age, medical, maternity, industrial accident and unemployment insurances.

The revenue, 20 percent more than expected and an increase of 35 percent over the previous year, ensured a sufficient pool for the elderly eligible for old-age pensions, which account for 90 percent of the total insurance volume.

Shenzhen's labor and social security bureau said it was the first time that more than 10 billion yuan had been paid in a year. The insurance revenue has seen an annual rise of more than 20 percent for five consecutive years.

(Shenzhen Daily January 19, 2005)