BEIJING — China is able to secure the payment of old-age pension on time and in full despite the fact that the supportive policies of fee reduction may cause revenue losses to the pension fund, said Yu Weiping, vice-finance minister, on Feb 20.

China's old-age pension system has been running smoothly with the balance of the fund reaching over 5 trillion yuan (about $714 billion) by the end of last year, Yu said at a press conference.

The State Council has decided to lower or waive employers' contributions to the old-age pension, unemployment and workplace safety insurance schemes to help them tide over the novel coronavirus outbreak.

The reduced contributions are expected to cause revenue losses worth 471.4 billion yuan to the pension fund; however, the impact is generally controllable, according to Yu.

Measures are in the pipeline to replenish the pension fund, including increasing the transfer of part of the State-owned capital, he said.