BEIJING: China is tweaking its $1.2 trillion pension system to increase private sector involvement as its population ages rapidly and underfunding looms, but experts say fundamental changes are needed to provide adequate safety nets.
The China Banking and Insurance Regulatory Commission (CBIRC), the country's top banking and insurance regulator, said at the weekend that it is expanding a pilot program of private pensions into two more regions - Chongqing and Zhejiang province.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!