China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

China Launches Private Pension Scheme

Mon, 30 May 2022
Categories: China Legal Trends

On 21 Apr. 2022, the General Office of the State Council issued the “Opinions on Promoting the Development of Private Pensions” (《关于推动个人养老金发展的意见》, hereinafter referred to as the “Opinions”).

According to the Opinions, workers who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China can participate in the personal pension scheme.

That is to say, individuals can make voluntary contributions to their private pensions as a supplement to basic pension insurance.

The contributions are deposited into individual pension accounts. Annual contributions, totally borne by the participant, are capped at CNY 12,000.

The new private pension scheme is rolled out to tackle the issues of an aging society. As China is facing the rapid graying of its population, the previous pension system may not suffice to meet future pension needs.

 

 

Cover Photo by Lavinia Occeña on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

Beijing Passes Autonomous Vehicle Regulation

In December 2024, Beijing passed the "Beijing Autonomous Vehicle Regulation," effective April 1, 2025, to promote development and safety, allowing self-driving cars in taxis, buses, and more after rigorous testing.

SPC Revises Rules on Mainland China - Taiwan Judgment Recognition

China’s Supreme People’s Court (SPC) has amended regulations on the mutual recognition and enforcement of civil judgments between Mainland China and Taiwan, clarifying application procedures, exceptions, and jurisdictional conflicts, effective January 1, 2025.

China Establishes Shanghai International Commercial Court

The Shanghai International Commercial Court was established in December 2024 as a division of the Shanghai First Intermediate People’s Court, with exclusive jurisdiction over foreign-related commercial cases and arbitration judicial review, along with newly released jurisdictional regulations and model clauses.

SPC Issues Guiding Cases on Gig Worker Protection

In December 2024, China’s Supreme People’s Court issued its first guiding cases on gig worker labor disputes, clarifying criteria for determining employment relationships with platform companies.

China Amends Supervision Law to Strengthen Oversight

The newly amended Supervision Law of the People’s Republic of China, effective June 1, 2025, strengthens oversight, limits supervisory powers, and enhances protections for citizens' rights through standardized enforcement.