China Moves a Step Closer to a National Pension System
- National balancing started Jan. 1 for corporate employee fund
- That follows an adjustment fund set up in 2018 to share money
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China has taken another step toward setting up a national pension system, beginning the ‘balancing’ of its main retirement fund to help regions with older populations continue to make payouts.
National balancing was started on Jan. 1 for the corporate employees pension fund to “allow shortfalls to be compensated by surpluses nationwide,” Deputy Finance Minister Yu Weiping said at a briefing Tuesday.