China Archives - Page 10 of 30 - Pension Policy International

24AprApril 24, 2023

China’s new private pension scheme draws $2.9bn in contributions

Contributions to China's fledgling private pension accounts have reached about 20 billion yuan ($2.9 billion) since their inception in November, with just under 70% of the funds invested, Caixin has learned, suggesting hesitation among some participants due to unfamiliarity with the system. Around 13.5 billion yuan has been invested across a range of eligible financial products, with the majority of the remaining funds just sitting idle in people's accounts, said people familiar with the matter. Bank deposits have been by far...

April 24, 2023

NewsChina, Private Pensions

24AprApril 24, 2023

India. National Pension System likely to get a facelift

The recently-formed committee on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees. According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component “in a graded manner”,...

April 24, 2023

NewsAging, China, India, Labor Market

20AprApril 20, 2023

‘Big news’ is India’s population growth is below replacement level: UN expert

While India's population at 1.4 billion has surpassed that of China's, the "latest big news" is that the population growth is below the replacement fertility rate in India and it has a "window of opportunity", according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA). The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, "given the fertility pattern already evident, we can start to anticipate the decline,...

April 20, 2023

NewsAging, China, India, Labor Market

19AprApril 19, 2023

India to overtake China as world’s most populous country this year

India has surpassed China as the world’s most populous country, according to new UN data, marking a historic crossover moment for the two Asian rivals that are set to shape business and world affairs in years to come. According to the UN Population Fund’s World Population Dashboard, released on Wednesday, India’s population has surpassed 1.428bn, just overtaking China’s more than 1.425bn people. The update in population estimates came as the world body’s main agency that tracks demographic trends, the UNFPA, released...

April 19, 2023

NewsChina, India, Labor Market

12AprApril 12, 2023

China. Personal pension system holds room for more development

China's latest attempt at launching a personal pension system will result in the leapfrogging development of securities firms both in terms of additional income and business models, said experts. In mid-April 2022, the State Council, China's Cabinet, rolled out a plan to introduce the personal pension system. Thereafter, the multilayered system has begun to develop in China, comprising basic pension insurance, annuities and personal pensions. The plan officially kicked off in late November, with people in 36 Chinese cities and regions...

April 12, 2023

NewsChina, Investment, Pension design

31MarMarch 31, 2023

Chinese cities are so broke, they’re cutting medical benefits for seniors

China's government, strapped for cash after years of enforcing a costly zero-Covid policy, is cutting medical benefits and planning to raise the retirement age, in deeply unpopular moves that are fueling widespread public anger. Thousands of elderly people have been taking to the streets since January to protest big cuts to monthly medical benefit payments. They've gathered in four major cities across the country, demanding local officials reverse the decisions. The changes are part of a national overhaul mainly intended to...

March 31, 2023

NewsChina, Healthcare, Retirement Age, Social Security

28MarMarch 28, 2023

China’s Cities Are Buried in Debt, but They Keep Shoveling It On

China has long pursued growth by public spending, even after the payoff has faded. Cities stuck with the bill are still spending — and cutting essential services. In 2015, when Shangqiu, a municipality in central China, laid out a plan for the next two decades, it positioned itself as a transportation hub with a sprawling network of railways, highways and river shipping routes. By the end of 2020, Shangqiu had built 114 miles of high-speed rail, and today several national railways...

March 28, 2023

NewsChina, Public Pensions

14MarMarch 14, 2023

China to raise retirement age to deal with aging population – media

China is planning to raise its retirement age gradually and in phases to cope with the country's rapidly aging population, the state-backed Global Times said on Tuesday, citing a senior expert from China's Ministry of Human Resources. Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, said China was eyeing a "progressive, flexible and differentiated path to raising the retirement age", meaning that it would be delayed initially by a few months, which would be subsequently...

March 14, 2023

NewsChina, Retirement Age

06MarMarch 6, 2023

China’s big dilemma: What to do about an aging nation

China’s population decline, which the Chinese government officially confirmed in January, has led many observers to wonder if the country’s current demographic trends threaten its stability. According to the National Bureau of Statistics, China’s population shrank last year for the first time in 60 years, nine years earlier than government projections had anticipated. The fertility rate (births per woman) fell to 1.0-1.1, well below the official forecast of 1.8. Most notably, the number of births dropped sharply to 9.56 million,...

March 6, 2023

NewsAging, China

28FebFebruary 28, 2023

Over 24 million individual pension accounts opened in China

More than 24 million individual pension accounts have been opened since China announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism in November last year, the country's banking and insurance regulator said. The China Banking and Insurance Regulatory Commission said that the banking and insurance institutions have been introducing savings, wealth management products, commercial pension insurance, and other financial products for individual pension account holders. Under the private pension plan, applicants can open their own...

February 28, 2023

NewsChina, Private Pensions

April 2023

China’s new private pension scheme draws $2.9bn in contributions

India. National Pension System likely to get a facelift

‘Big news’ is India’s population growth is below replacement level: UN expert

India to overtake China as world’s most populous country this year

China. Personal pension system holds room for more development

March 2023

China’s Cities Are Buried in Debt, but They Keep Shoveling It On

China to raise retirement age to deal with aging population – media

China’s big dilemma: What to do about an aging nation

February 2023

Over 24 million individual pension accounts opened in China