Personal Pension Plan: International Enlightening for Aging China
DOI:
https://doi.org/10.54691/bcpbm.v38i.4298Keywords:
Ageing population; multi-pillar pension insurance system; personal pension.Abstract
The Implementation Measures for Personal Pensions were jointly released in November 2022 by five agencies, including the Chinese Ministry of Finance and the Ministry of Human Resources and Social Security. The Communist Party of China's report on its 20th Congress makes clear recommendations for the welfare of the populace, including "improving the national coordination system of basic pension insurance and building a multi-level and multi-pillar pension insurance system." China is currently dealing with the strains of an ageing population and the uneven development of its pension system. One of the primary challenges China's social security system is currently experiencing is effectively encouraging the development of individual pensions to satisfy higher-level pension needs. Individual retirement accounts have been developed in the US for a very long time. China should undertake a range of various measures based on the Chinese situation while relying on the prior experience of the United States to promote personal pensions from the perspectives of public bodies, financial institutions, and investors.
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