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One step towards a giant leap - PENSIONS - Magazine | Asia Asset Management

For many Mainland Chinese, retirement can’t come soon enough. If you are in doubt, take a quick walk through any public park and you will see sw.

Mainland chineseFor many mainland chineseEtirement can amp rsquot come soon enough if you are in doubtAkea quick walk through any public park and you will see swarms of enthusiastic retirees participating in tai chiR guangchangwu square dancing amp nbsp howeverHe energy in the parks masksa widening pension gap that is threatening well being of an ageing population asa result longer life expectancy and declining fertility ratesHe world health organisation projects the proportion of people over 60 in china to reach 28 population by 2040R an estimated 402 millionOre than the combined populations of thailand and us amp nbsp pension gap is particularly acute in rural areasHere pervasive poverty continuesEspite significant wealth accumulating in urban areas 1 retirees china have hitherto been largely supported by family amp ndash there are strong cultural expectations of filial piety even if they considerable independent funds and some income from the national pension scheme recent launch ofa private means future can potentially look forward to greater supplementary retirement funding much anticipated nbsp council for social security fund ncssf officially launched on april 21Ftera comprehensive four year trial it isa personal account based systemOving from product based at the beginning of trial amp nbsp scheme is third pillar chinese government rsquos efforts to support ageing population it enables china 1 02 billion peopleHo are currently covered by the national basic pension insurance schemeO open private pension accounts participants can make voluntary contributions of up to 12000 rmb us 1

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