China. Shanghai to trial commercial pension model
Shanghai will launch a pilot program to offer tax benefits to entice the city’s aging population to buy commercial pension insurance from May 1, said a statement by the Ministry of Finance yesterday.
Under the program, buyers of commercial pensions will enjoy tax exemption of up to 1,000 yuan (US$159) of their monthly income.
The pilot stipulates that the eligible commercial pension must be invested in low-risk or risk-free areas, and needs to be approved by the ministry, according to the statement.
Read More: ECNS
