Thousands of Chinese Retirees Protest Government Cuts to Benefits

By Keith Bradsher, Daisuke Wakabayashi and Claire Fu Source: The New York Times Thousands of retirees confronted local officials and the police outside a popular park in the central Chinese city of Wuhan to demand the repeal of recent cuts in government-provided medical insurance for seniors. The protest on Wednesday, the second in Wuhan in a week, was the latest sign of strain on the finances of China’s local governments, which are responsible for covering much of the cost [...]

2023-02-16T08:52:15-08:00February 16th, 2023|Categories: Retirement|Tags: , |

China’s State Council outlines third pillar private pension framework

By Douglas Appell Source: Pensions & Investments China's State Council on Thursday unveiled the outlines of a long-awaited framework for a voluntary private pension system as the third pillar of the country's retirement safety net. Under the plan, participants will be able to contribute a maximum of 12,000 yuan ($1,885) a year to personal pension accounts, with preferential tax policies to encourage participation. The scale of the coming tax breaks wasn't specified. An announcement on the China Securities Regulatory [...]

2022-04-22T16:13:53-07:00April 22nd, 2022|Categories: Economy|Tags: , , |

A Graying China May Have to Put Off Retirement. Workers Aren’t Happy.

By Vivian Wang and Joy Dong Source: The New York Times For Meng Shan, a 48-year-old urban management worker in the Chinese city of Nanchang, retirement can’t come soon enough. Mr. Meng, who is the equivalent of a low-level, unarmed law-enforcement official, often has to chase down unlicensed street vendors, a task he finds physically and emotionally taxing. Pay is low. Retirement, even on a meager government pension, would finally offer a break. So Mr. Meng was dismayed when [...]

2021-05-13T08:05:25-07:00April 27th, 2021|Categories: Retirement|Tags: , |
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