More than 24 million personal pension accounts have been opened since China announced last November the implementation of its private pension scheme to supplement the country’s old-age insurance scheme, the banking and financial regulator said. country insurance.
The China Banking and Insurance Regulatory Commission reported that banking and insurance institutions have introduced savings, wealth management, commercial pension insurance, and other financial products for cardholders. personal retirement accounts.
Under the private pension plan, applicants can open their own personal pension accounts, which can collect up to 12,000 yuan (regarding $1,740.6) per year and enjoy tax incentives. It is specifically intended for the purchase of certain old-age financial products.
The country unveiled the first batch of seven private pension wealth management products on Feb. 10, the China Bank Wealth Management Registration and Filing Center said.
China has a three-pillar old-age insurance scheme, covering national basic old-age insurance, company and occupational annuities, commercial old-age financial products, and private pension plan.