The central government unveiled its long-awaited plans for pension reform on Wednesday for the country's 40 million government and public institution staff members in a move to further ensure social equality and cope with its aging population.

The new pension system, made public on the State Council's website, stipulates that members of government and public institutions must pay for their pensions together with their employers.

The reform is aimed at establishing a more fair and sustainable pension system, the notice said, and comes after more than two decades of a dual pension system under which government and public institution employees did not need to pay for their retirement plans.