China's nationwide roll-out of a private pension scheme is set to raise public awareness on the importance of pensions and improve the financial wellbeing of people in their retirement, according to industry insiders.
China on Thursday announced the expansion of a private pension scheme from 36 pilot cities and regions to the entire country, effective from Dec. 15.
Serving as supplementary pension insurance, this scheme is voluntary for individuals and operated in a market-oriented manner with support from national policies, according to a notice jointly issued by five government departments including the Ministry of Human Resources and Social Security.
People who currently contribute to basic pension schemes for urban employees, non-working urban residents and rural residents can all participate in the private pension scheme, according to the notice.
The scheme allows participants to contribute up to 12,000 yuan (about 1,670 U.S. dollars) annually to their private pension accounts, and offers them tax incentives.
Insurance industry insiders said following the expansion, financial institutions are set to offer more varieties of products to meet diversified needs of individuals, and public awareness of the importance of pensions will be raised.
"All kinds of financial institutions will build a differentiated and diversified product system around the diverse pension financial needs of people throughout their life cycle, and provide customized and quality comprehensive services, especially for those who have been involved in flexible employment and new forms of employment. This will further raise people's awareness of the importance of pensions," said Wang Jing, the head of the market channel department at Guomin Pension.
The private pension scheme, launched in November 2022, was piloted in 36 cities and regions including Beijing, Shanghai and Guangzhou.
More than 70 million private pension accounts have been opened under this scheme so far, while the number of investment products has exceeded 800.
Financial products, such as wealth management products, savings deposits, commercial pension insurance and public funds, have been offered under the scheme.
China expanding private pension scheme to raise pension awareness: industry insider
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
