26 October 2022
The Ministry of Human Resources and Social Security, Ministry of Finance and the State Taxation Administration (“the authorities”) issued the “Notice in relation to Issuance of the “Implementation Measures for Private Pensions” (“Implementation Measures”)” on 26 October 2022. The authorities announced that participants of private pensions shall be workers who participate in the basic endowment insurance for urban employees or basic endowment insurance for urban and rural residents in the Mainland China. The upper limit of private pension amount paid by participants shall be RMB12,000 per year. Public may refer to Chapters 2 to 4 of the Implementation Measures for details of participation process, information submission and management as well as private pension fund account management. The Implementation Measures shall be effective from 26 October 2022.