12 million new jobs created in 2011

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Preliminary statistics showed that more than 12 million new jobs were created in cities and towns in China this year, according to the Ministry of Human Resources and Social Security Thursday.

The country also managed to keep the registered urban unemployment rate below 4.6 percent, said Yin Weimin, Minister of Human Resources and Social Security, while speaking at a national conference on human resources and social security.

China's pension insurance coverage will expand to 300 million people in rural and urban areas by the end of this year, with about 85 million senior citizens claiming their pensions every month, according to Yin.

According to the Ministry of Human Resources and Social Security (MOHRSS), China's social security funds that insure pension, medicare, unemployment, work-related injury compensation and maternity pay collected 2.35 trillion yuan (372 billion U.S. dollars) in revenues this year, up 24.7 percent year-on-year.

Meanwhile, spending by social security funds will rise 21.5 percent from a year ago to 1.8 trillion yuan this year, according to MOHRSS data.

Across the country, 24 provinces, autonomous regions and municipalities raised their minimum wage standards by an average of 22 percent year-on-year in 2011, the minister said.

Labor law enforcement helped 1.29 million migrant workers recover 2.94 billion yuan in defaulted salaries and compensation this year, he added.