We will improve the unified national management system for basic old-age insurance funds and develop a multi-tiered and multi-pillar old-age insurance system.
As of the end of 2020, there were over 542 million people in China participating in the basic old-age insurance plan, most of whom were rural residents.
The multi-tiered social security system will be improved, with coverage of basic old-age insurance reaching 95 percent of the population. Social assistance and charity systems will also be improved.
China rolled out a private pension plan on Thursday to complement the nation's current pension system in its latest effort to tackle the strains of an aging population.
In countries where it is usual for government to raise money by granting annuities, tontines are, upon this account, generally preferred to annuities for separate lives.
The so-called three-pillar pension system consists of a basic endowment insurance plan led by the government, an enterprise supplementary endowment insurance plan, and a personal savings insurance plan.