2022-11-25 08:41:49

Rapidly ageing China rolls out private pension scheme in 36 cities

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Channel NewsAsia
By Cna

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SHANGHAI :China launched its first private pension scheme in 36 cities on Friday as it grapples with a rapidly ageing population, allowing individuals to open retirement accounts at banks to buy pension products ranging from deposits to mutual funds.

The move marked the official launch of China's version of IRA, or Individual Retirement Accounts in the United States.

The first batch of eligible cities will include Beijing, Shanghai, Guangzhou and Chengdu, the Ministry of Human Resources and Social Security said in a statement. Pilot programmes have already been rolled out in some places.

The co-called third pillar of China's pensions system will supplement the public safety net and corporate annuities as China seeks to address shortcomings in the current pension system.

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