News Life and Health11 Jun 2024

China:Over 60m people are members of private pension system

| 11 Jun 2024

More than 60m people have opened private pension accounts since the introduction of China's private pension system in November 2022, data from the Ministry of Human Resources and Social Security showed.

Data also revealed that middle and high income groups aged from 31 to 40 showed the strongest interest in opening such pension accounts and purchasing relevant products to prepare for their retirement in advance and enjoy tax incentives, reported Xinhua News Agency.

Currently, there are 762 special products for the private pension system. Among them are 465 saving products, 192 fund products, 82 insurance products and 23 asset management products.

The government-supported, voluntary and market-oriented pension system is open to qualified citizens in 36 pilot cities and regions including Beijing, Shanghai, Guangzhou, Xi'an and Chengdu. The scheme allows Chinese citizens to contribute up to CNY12,000 ($1,687) annually to individual pension accounts to buy 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, the commercial old-age financial products and the private pension system.

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