These three characters combine transparently to mean “money to support the elderly,” making 养老金 a very logical term for a pension.
The concept of 养老金 is deeply significant in modern China because it stands at the crossroads of tradition and modernity. Historically, the responsibility of caring for the elderly fell entirely on their children, a concept encapsulated by the proverb 养儿防老 (yǎng ér fáng lǎo) - “raise children to provide for old age.” This was a cornerstone of Confucian filial piety (孝, xiào), where supporting one's parents was a sacred duty. The Western concept of a “pension” is a relatively straightforward financial tool. In contrast, 养老金 in China is a solution to a profound social transformation. The one-child policy (1979-2015) created a demographic structure where one adult child might be responsible for two parents and four grandparents. This “4-2-1 problem” made the traditional 养儿防老 model unsustainable for many families. Therefore, the state-managed 养老金 system emerged as a necessity. It institutionalizes the value of elder care, shifting the primary financial burden from individual children to a collective system of the state and employers. While the emotional and physical care aspects of filial piety remain important, the 养老金 provides the financial foundation, reflecting China's rapid economic development and changing family structures.
养老金 is a common and important term in everyday life, work, and politics.