Reported 2 days ago
China is set to expand its private pension program nationwide to alleviate retirement fund strains in response to a rapidly aging population. Despite starting as a pilot in 36 cities, the program has encountered issues including disappointing fund performance and low participation, with only 22% of over 60 million sign-ups making contributions. The government plans to roll out the program on December 15, as it faces backlash over raising the retirement age. There are concerns about the attractiveness of tax benefits for potential participants, given the tax structure and current economic conditions.
Source: YAHOO