Com­mer­cial Pen­sion In­surance

ChinAfrica - - News Roundup -

The Chi­nese Govern­ment said on July 4 that it will speed up the devel­op­ment of com­mer­cial pen­sion in­surance. By 2020, a well-reg­u­lated com­mer­cial pen­sion in­surance sys­tem will pro­vide sup­port for com­mer­cial pen­sion plans of in­di­vid­u­als and fam­i­lies, as well as em­ployee pen­sions, ac­cord­ing to a State Coun­cil guide­line.

The guide­line out­lines four tasks, in­clud­ing in­no­va­tive in­surance prod­ucts and ser­vices, and en­sur­ing the sound and safe oper­a­tion of com­mer­cial pen­sion in­surance funds. In­sur­ers should of­fer per­son­al­ized ser­vices to in­di­vid­u­als and house­holds, as well as an­nu­ity pro­grams for em­ploy­ers, it said.

It en­cour­ages com­mer­cial in­sur­ers to pro­vide sup­port for the pen­sion sys­tem and take part in in­vest­ment and man­age­ment of ba­sic pen­sion funds and the na­tional so­cial se­cu­rity fund. “Com­mer­cial pen­sion in­surance, just like so­cial se­cu­rity, is a life­line for or­di­nary peo­ple,” Chi­nese Pre­mier Li Ke­qiang said at a State Coun­cil Ex­ec­u­tive Meet­ing.

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