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China rolls out private pension scheme in 36 cities
Published on: 2022-11-28
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China launched a private pension scheme in 36 cities on Friday as it grapples with a rapidly ageing population.
 

The move marked the official launch of the third pillar of China's pension system, with the first batch of cities including Beijing, Shanghai, Guangzhou and Chengdu, the Ministry of Human Resources and Social Security said in a statement.
 

The co-called third pillar will supplement the existing two pillars - public safety net, and corporate annuities.
 

China, which launched its first private pension scheme in April, earlier this month published rules, listed approved products and named companies that can participate in the scheme.
 

Domestic workers covered by China's basic pension insurance can participate in the scheme and contribute up to 12,000 yuan ($1,676) per year to their individual accounts and receive tax benefits.
 

They are able to open their personal pension fund accounts with 23 commercial banks, including the top six state banks and smaller peer Bank of Shanghai, the state-backed China Securities Journal reported separately.
 

Eligible investors can make voluntary deposits into the account and invest in qualified products, including banking wealth management products, deposits, insurance and public funds.
 

Domestic and international insurers and fund houses have been developing and promoting products, while Chinese banks are offering incentives to lure investors to open accounts as they seek to tap into a new market which some forecast will grow to $1.7 trillion by 2025.
 

个人养老金制度,启动实施!

25日,人力资源社会保障部宣布个人养老金制度启动实施。在北京、上海、广州、西安、成都等36个先行城市或地区,可通过国家社会保险公共服务平台、全国人社政务服务平台、电子社保卡、“掌上12333APP”等全国统一线上服务入口或商业银行等渠道,建立个人养老金账户,通过商业银行开立个人养老金资金账户。两个账户开立后,就可向资金账户缴费、购买个人养老金产品,年缴纳上限12000元,缴费即可享受税费优惠,可购买包括储蓄存款、理财产品、商业养老保险和公募基金等,具体金融产品由金融监管部门确定,并将公布产品名单。个人养老金不同于基本养老保险,是政府支持、个人自愿参加、市场化运营的补充养老保险制度。首批开办个人养老金业务的金融机构包括:6家国有大型商业银行、12家股份制银行、5家城市商业银行、11家理财公司、14家证券公司、7家独立基金销售机构和6家保险公司等。参加人达到领取基本养老金年龄,或者完全丧失劳动能力、出国(境)定居以及符合国家规定的其他情形,才能领取个人养老金。参加人死亡后,其个人养老金资金账户中的资产可以继承。

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