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China: Multi-level pension system needed

Source: Asia Insurance Review | Feb 2020

The government needs to establish a multi-level pension system that is compatible with an ageing society, say academics at two universities in Beijing. 
Professor Xiaoyan Lei of Peking University and assistant professor Chen Bai of Renmin University, in an article published in East Asia Forum, say that much more attention should be paid to encouraging participation and empowering the current pension system. 
These moves would not only help to ease the pressure of potential pension financing problems but also make better use of newfound savings motives that arise from extended life expectancy.
A system which improves the management and investment of pension funds could contribute to increasing the value of these funds, the writers add. A reasonable extension of the retirement age and more flexible retirement mechanisms would also help to alleviate social security funding pressures and expand labour supply. A 
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