BEIJING - China is able to secure the payment of old-age pensions on time and in full despite reductions in social-insurance premiums last year, the country's human resources minister said Friday.

The balance of China's old-age pension fund currently stands at 4.7 trillion yuan (about $726 billion), Zhang Jinan, Minister of Human Resources and Social Security, told a press conference.

To alleviate the corporate burden and protect the job market against the impact of the COVID-19 epidemic, the Chinese government slashed 1.54 trillion yuan of social-insurance contributions from employers in 2020, of which 1.33 trillion yuan was old-age pension premiums, according to Zhang.

Despite the revenue loss, the government managed to pay the old-age pensions on time and in full last year, even increasing pension payments to benefit some 120 million retirees.

Zhang was confident in future old-age pension payments, as he expects an annual operating surplus from the old-age pension fund this year.

Increasing central fiscal support, available investment channels and expanding social-security strategic reserves would also back the timely and full payments of old-age pensions, he said.