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In 2021, per capita disposable income nationwide was 35,128 yuan.\r\n\r\nThe government will adjust the maximum contribution allowed under the new plan according to economic conditions, it said in a notice that unveiled the new scheme.\r\n\r\nTax deductions would be available on personal pension contributions for the first time.\r\n\r\nFunds held in private pension accounts can be invested in certain financial products, like banking wealth management products, deposits and public funds, the notice said.\r\n\r\nIndependent consultancies estimate the private pension market will grow to at least $1.7 trillion by 2025, from $300 billion currently.\r\n\r\nChina needs to strengthen diversified pension insurance due to its ageing population, Nie Wen, an economist at Shanghai-based Hwabao Trust, said.\r\n\r\nIn just 20 years' time, 28% of China's population will be more than 60 years old, up from 10% today, making it one of the most rapidly-ageing populations in the world, according to projections cited by the World Health Organization.\r\n\r\n \r\n<ul>\r\n \t<li>Reuters, with additional editing by George Russell<\/li>\r\n<\/ul>\r\n \r\n<h3>READ MORE:<\/h3>\r\n<h3><\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/regulators-curbing-chinas-pension-insurers-caixin">Regulators Moving to Curb China\u2019s Pension Insurers \u2013 Caixin<\/a><\/h3>\r\n<h3><\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/japans-pension-fund-posts-47bn-in-q3-returns">Japan's Pension Fund Posts 2.81% Quarterly Return<\/a><\/h3>\r\n<h3><\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/canada-pension-fund-invests-160m-in-japan-real-estate">Canada Pension Fund Invests $160m in Japan Real Estate<\/a><\/h3>\r\n \r\n\r\n ", "articleSection": "China", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/china-announces-private-pension-plan-to-address-ageing" }, "headline": "China Announces Private Pension Plan to Address Ageing", "description": "Employees can contribute up to 12,000 yuan per year under the new scheme, compared with a fixed payment under the state pension plan", "datePublished": "2022-04-21T05:32:21+00:00", "dateModified": "2022-04-21T05:32:21+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2021\/05\/ageing-china-reuters.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> In just 20 years' time, 28% of China's population will be more than 60 years old, up from 10% today, making it one of the most rapidly-ageing populations in the world. Photo: Reuters. </figcaption> </figure> </div> <div class="content"> <p> </p> <p>China announced a private pension scheme on Thursday in the latest move by authorities to address challenges arising from an ageing population.</p> <p>Employees can contribute up to 12,000 yuan ($1,863) per year to their pension fund under the new scheme, compared with a fixed payment from both employees and employers under the state pension plan.</p> <p>The scheme would allow employees to save funds in pension accounts and invest in financial products.</p> <p>That would not be affordable for most people in the labour market. In 2021, per capita disposable income nationwide was 35,128 yuan.</p> <p>The government will adjust the maximum contribution allowed under the new plan according to economic conditions, it said in a notice that unveiled the new scheme.</p> <p>Tax deductions would be available on personal pension contributions for the first time.</p> <p>Funds held in private pension accounts can be invested in certain financial products, like banking wealth management products, deposits and public funds, the notice said.</p> <p>Independent consultancies estimate the private pension market will grow to at least $1.7 trillion by 2025, from $300 billion currently.</p> <p>China needs to strengthen diversified pension insurance due to its ageing population, Nie Wen, an economist at Shanghai-based Hwabao Trust, said.</p> <p>In just 20 years’ time, 28% of China’s population will be more than 60 years old, up from 10% today, making it one of the most rapidly-ageing populations in the world, according to projections cited by the World Health Organization.</p> <p> </p> <ul> <li>Reuters, with additional editing by George Russell</li> </ul> <p> </p> <h3>READ MORE:</h3> <h3></h3> <h3><a href="https://www.asiafinancial.com/regulators-curbing-chinas-pension-insurers-caixin">Regulators Moving to Curb China’s Pension Insurers – Caixin</a></h3> <h3></h3> <h3><a href="https://www.asiafinancial.com/japans-pension-fund-posts-47bn-in-q3-returns">Japan’s Pension Fund Posts 2.81% Quarterly Return</a></h3> <h3></h3> <h3><a href="https://www.asiafinancial.com/canada-pension-fund-invests-160m-in-japan-real-estate">Canada Pension Fund Invests $160m in Japan Real Estate</a></h3> <p> </p> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/pension" rel="tag">Pension</a> </div> <div class="author-box"> <div class="profile_images"><img alt="" src="https://www.asiafinancial.com/wp-content/uploads/2021/05/avatar_user_232_1622021386.jpeg?img" class="avatar avatar-96 photo imgauthor" height="96" width="96"></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/george">George Russell </a></h3> <p style="font-size: 14px;"> George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. 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