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China: Gobierno lanza un programa piloto de pensiones voluntarias

27 Junio, 2018

On May 1, the Chinese government launched a one-year pilot of a voluntary third-pillar pension program that offers tax incentives to encourage participation. The program covers most employed and self-employed persons in three locations: Shanghai (China’s largest city); the Fujian province on the southeast coast; and the Suzhou Industrial Park in the eastern Jiangsu province. The program is part of an ongoing government effort to develop a multi-pillar pension system and encourage more retirement savings in the rapidly aging country. The United Nations Population Division projects that China’s old-age dependency ratio—the population aged 65 or older divided by the population aged 15 to 64—will increase from a relatively low 13.3 percent in 2015, to 25.3 percent in 2030, and to 54.8 percent in 2060. Without further pension reforms, such rapid population aging is expected to place significant and growing fiscal pressure on the state budget.

Under the new program, participants who purchase eligible commercial insurance-based pension products may deduct their monthly contributions of up to 1,000 yuan (US$155.83) or 6 percent of income, whichever is greater, from their personal income taxes. The pension products and any earnings they generate are not taxed until withdrawals are made at retirement (starting at age 65). Withdrawals are taxed as follows: the first 25 percent of the pension is tax free, and the remaining 75 percent is subject to a 10-percent personal income tax. (Specific details about the pension products, including investment options and pension providers, are not yet available.)

In addition to the new third-pillar program, China’s pension system consists of: separate first-pillar programs for urban employees, and rural and nonsalaried urban residents, which are administered at the provincial and local levels; and second-pillar occupational pensions that primarily cover employees of large state-run enterprises. The first-pillar programs for urban employees generally include a social insurance pension funded by an employer contribution of up to 20 percent of payroll, and a mandatory individual account funded by an employee contribution of 8 percent of gross covered earnings. To qualify for old-age benefits under the urban employee programs, an individual must have reached age 60 (men and professional women), age 55 (nonprofessional salaried women), or age 50 (other categories of women) with at least 15 years of coverage. The first-pillar programs for rural and nonsalaried urban residents generally include a noncontributory pension funded by the central and local governments, and an individual account funded by personal contributions. To qualify for old-age benefits under these programs, an individual must have reached age 60 and not be entitled to a pension under the program for urban employees. The second pillar consists of voluntary defined contribution occupational pensions that are primarily in the form of enterprise annuities.

Fuente: ssa.gov

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