CHINA China kicks off implementation of private pension plan

CHINA

China kicks off implementation of private pension plan

Xinhua

16:24, November 25, 2022

BEIJING, Nov. 25 (Xinhua) -- China on Friday announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism.

(File photo: Xinhua)

The government-supported, voluntary and market-oriented pension plan is open to qualified citizens in 36 pilot cities and regions including Beijing, Shanghai, Guangzhou, Xi'an and Chengdu, according to the Ministry of Human Resources and Social Security.

Applicants can open their own individual pension accounts, which can collect up to 12,000 yuan (about 1,682.11 U.S. dollars) annually and enjoy tax incentives. The account is to be used specifically for buying certain old-age financial products.

China has a three-pillar old-age insurance mechanism, covering the national basic old-age insurance, the enterprise and occupational annuities, and the commercial old-age financial products and the private pension plan.


Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue