The relevant person in charge of the Pension Insurance Department of the Ministry of Human Resources and Social Security recently stated that it will work with relevant departments to speed up the research and formulation of support policies for personal pensions, further enhance the attractiveness of the personal pension system, guide more qualified people to participate, increase accumulation, and make the life of the elderly more secure.
The personal pension system is an important part of my country's multi-level and multi-pillar pension insurance system. It has the characteristics of government-governmental tax incentives, individual voluntary participation, full accumulation of personal payments, and market-oriented operation. As of the end of November 2024, 72.79 million people have opened personal pension accounts.
From December 15, 2024, the individual pension system will be launched nationwide. Workers who participate in the basic pension insurance for urban employees or basic pension insurance for urban and rural residents in China can participate. Treasury bonds, specific pension savings, and index funds are also included in the scope of personal pension products.
