Gross revenue of China's social insurance funds increased 22 percent year on year to 3.14 trillion yuan ($515 billion) last year, the Ministry of Finance revealed on November 27.

Gross expenditure increased 27 percent from 2011 to reach 2.39 trillion yuan ($392 billion) in 2012, according to the ministry.

China's social insurance funds cover basic endowment for senior citizens, basic medical care, unemployment, work-related injury and maternity.