By the end of 2014, China's population of 60 years of age and above reached 212 million, accounting for 15.5 percent of the total population, making China the country with most aging population in the world, says a report.

The "2015 Report on China's Large and Medium-Sized Cities Employee Pension Reserve Index" jointly was released by Insurance Association of China, Institute for Social Security Research of Ministry of Human Resources and Social Security and other three institutes on Nov. 29.

The report shows that China's population aging has been severe.

According to the report, the employees of state-owned companies have the highest pension reserve since their job positions are relatively stable and the supporting measures are in place, followed by the employees of foreign-funded enterprises and the employees of private enterprises have the lowest pension reserve. 

In terms of industries, employees of finance and mining industry enjoy the highest pension reserve and employees of accommodation and catering industry have the lowest. 

Chu Fuling, professor of Social Security Study Center of Central University of Finance and Economics, said, "Along with the population aging, the number of people who will collect pension from the elderly security system will continue to increase relatively, while the number of people that will pay the pension insurance will decline."

Many experts expressed that due to the severe aging situation, China needs to build a multilevel elderly security system by improving its social security system and promoting supplementary insurances, so as to guarantee that all the elderly will be looked after properly.