China kicks off implementation of private pension plan
Contributed by NAMPA / Xinhua.
BEIJING, Nov. 25 (Xinhua) -- China on Friday announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism.
The government-supported, voluntary and market-oriented pension plan is open to qualified citizens in 36 pilot cities and regions including Beijing, Shanghai, Guangzhou, Xi'an and Chengdu, according to the Ministry of Human Resources and Social Security.
Applicants can open their own individual pension accounts, which can collect up to 12, ...