China Life helps seniors

Shanghai Daily - - BUSINESS - (Tracy Li)

CHINA Life In­sur­ance Co Ltd yes­ter­day launched its first prod­uct de­signed for the com­mer­cial pen­sion trial pro­gram in Shang­hai in a move to help ci­ti­zens in an ag­ing so­ci­ety.

China launched a pi­lot tax-de­ferred pen­sion in­sur­ance project in Shang­hai, Fu­jian Prov­ince and Suzhou In­dus­trial Park in Jiangsu Prov­ince, in May. The scheme al­lows in­di­vid­u­als to de­fer tax on part of their in­come that is used to buy com­mer­cial pen­sion in­sur­ance un­til they re­tire and draw money from the fund. In­dus­try in­sid­ers said the launch of the new tax-in­come de­ferred pen­sions is to en­cour­age peo­ple to pre­pare for old age, and pro­mote the bal­anced de­vel­op­ment of China’s pen­sion sys­tem.

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