Why are young people reluctant to contribute to personal pensions?

China News Weekly

2024-04-26 10:26Published on the official account of China News Weekly in Beijing

The 63-year-old Zhou Yu feels like he's getting old in an instant. Her family lives in a third-tier city in Shandong, with 4 brothers and sisters, and Zhou Yu is the third. Because she lives alone and is capable, after retiring 8 years ago, she has become the main force to take care of her parents in their 80s. Parents uphold the traditional concept of "raising children to prevent old age" and believe that living in a nursing home is the most undignified. The two parents have a combined pension of nearly 15,000 yuan, and they are unwilling to hire a nanny - children's pension is the real filial piety.

Zhou Yu had to accompany her parents to eat soft and digestible meals, and when the old man rested, she began to clean. Her father often lost his temper with her for no reason, "It's better to die." The hardest thing is when a parent gets sick. In the past year, Zhou Yu's mother was hospitalized three times with a heart attack. In June 2023, Zhou Yu spent 10 consecutive days in the hospital 24 hours a day, lost six or seven pounds, and his blood pressure dropped to 50/80 mm Hg. After her mother was discharged from the hospital, several siblings began to take turns to take care of their parents, and Zhou Yu had a few months of recuperation to recharge for the next care.

With the acceleration of population aging and the extension of average life expectancy, it is becoming more and more common for "little old people" like Zhou Yu to take care of "old people", and young elderly people bear a heavy burden of providing for the elderly.

In January this year, the General Office of the State Council issued the "Opinions on Developing the Silver Economy to Enhance the Well-being of the Elderly" (hereinafter referred to as the "Opinions"), proposing to expand home-based elderly assistance services and improve elderly care services. When the traditional family care is affected by aging and declining birthrate, family care needs socialized service support and the improvement of the home care service system. But on the other hand, more than 90% of the elderly in China rely on home and community care, but has not been developed. It is estimated that around 2035, China's elderly population aged 60 and above will exceed 400 million, entering the stage of severe aging. This also means that the next ten years will be a critical window period for China to improve its pension service and security system.

On February 28, the elderly rested in the activity room of the Daai Academy Elderly Care Center in Xianghe County, Langfang City, Hebei Province. At present, the center has more than 600 elderly residents, of which about 90% are from Beijing. Photo/Xinhua

Mismatch between supply and demand for elderly care services

In China, the current "9073" pension service model: 90% of the elderly are provided for at home, 7% rely on the community, and 3% are provided for in institutions. In September 2013, the State Council issued the "Several Opinions on Accelerating the Development of the Pension Service Industry", opening the first year of the development of the pension industry. Under the policy encouragement, many places have begun to explore home and community care for the elderly, covering meals, housekeeping, day care, medical and health care, cultural and sports activities, and renovation for the elderly.

Wang Yue is the head of a home-based and community-based elderly care service company in Jiangsu, which undertakes the basic elderly care services purchased by the local government. The door-to-door helpers found that when they provided free items such as cleaning assistance, shopping assistance, and heart-to-heart talks, some elderly people were wary or bluntly said that they did not need it, but almost none of the elderly refused to come to their homes for health monitoring.

Li Zhihong, director of the business development department of the China Association on Aging, pointed out to China News Weekly that the current development of the three sectors of home, community and institutional elderly care services is very uneven, and the first two are shortcomings. The basic old-age care services purchased by some local governments are mainly oriented to relatively simple services for the energetic elderly, which can only play the role of icing on the cake, and the lack of rehabilitation and other just-needed services is lacking, resulting in a mismatch between supply and demand.

Another dilemma in the development of home-based and community-based elderly care services is that many service companies struggle to make a living by purchasing services from the government, but they cannot find a better profit model. Meal assistance is one of the most in-demand elderly care services. In the "Opinions", the first thing to solve the urgency is to expand the meal service for the elderly. But on the other hand, in the past few years, the elderly canteen has frequently exposed the problem of business difficulties.

On August 21, 2019, in Xingguo County, Jiangxi Province, the elderly did aerobics at the Grange Elderly Care Center. Photo/Xinhua

On April 8, a Hangzhou citizen posted online that the Wangma Community Canteen for the Elderly in Gongshu District had been closed for a long time, "I don't know when it will be able to resume and solve the difficulty of eating for the elderly." At the end of 2023, two community canteens for the elderly in Shenyang were temporarily closed less than two months after they opened. The person in charge told the media that the main reason for the closure was a large investment and serious losses. The company originally planned to open six community canteens with a total investment of 10 million yuan, but two of them have lost more than 8 million yuan.

Wang Yue's company will start preparing to provide meals for the elderly in 2023. Wang Yue introduced that a meal for the elderly, two meat and two vegetables, the unit price of customers is 10~12 yuan, and the average gross profit margin is 15%~20%, which is a profit margin of 1.5~2 yuan. In contrast, the gross profit margin of market-based restaurants is more than 50%. They carefully calculated how many meals for the elderly could be fried in each pot, and how to mix meat and vegetables to just maintain breakeven, "but as long as you invest a little more, the profits will be offset immediately."

In his early research on the meal assistance model in many places, he found that many enterprises in the bureau value policy dividends, that is, the government reduces or exempts venue rents and grants meal subsidies. But the reality is very "skinny". In some cities, the government promises that for each meal, the community and the neighborhood will subsidize two yuan each, and the rest will be paid by the elderly who meet the subsidy standards. However, some enterprises have been operating for several months or even half a year, and have not received payment from the government, and in the end it is difficult to continue. As for the venue, early last year, the local street partnered with Wang Yue's company to vacate a street activity center and rent it to them for free as a canteen for the elderly. However, the location is remote, surrounded by an overpass, and at least 1 km from a nearby residential building. Wang Yue estimates that it will take at least ten minutes for the elderly to come over, and it is difficult for such a location to attract more customers.

Community pension also faces a similar profitability problem. The integrated service center for the elderly is the main model of community elderly care. China News Weekly has visited a number of community comprehensive service centers in Wuxi. It's like a "daycare" for the elderly, where they can draw, dance, play chess, etc. Large-scale service centers can also provide bathing, nursing, daycare and other services.

But for practitioners, the problem with pension service sites is that "many paid items cannot be touched". Wang Yue explained that many elderly care service centers, cultural and recreational activities, health testing, massage and other projects are free of charge. As the operator, the enterprise reports the type of activity, the number of people served, and the funds to the community or street every year, and then gets the subsidy. In some centers, enterprises can charge a certain fee for meals assistance, short-term care, elderly tourism, elderly classes and other items, but there are few other items that can be charged. Wang Yue's company once wanted to charge a certain amount of consumables for the massage project, but the community immediately refused, "because the community thought that they had already purchased our services, and the site would be open to the elderly for free." If there is an additional charge, the company must report it to the community."

Zheng Zhigang, vice president of the Community Home Care Branch of the Chinese Society of Gerontology and Geriatrics, has been to many places for research. He noticed that in some places, home-based and community-based elderly care has even been reduced to a "face project". "I have seen a place where five beds are directly placed side by side in a room, and the most outrageous thing is that someone directly pulled me to a hotel and said that this is their day care bed." Some local leaders told me that their beds have not been used by the elderly for three years, and no one lives in them, but they cannot be removed, otherwise they will be deducted points in the government assessment."

On June 15, 2023, in Xincheng Town, Xiuzhou District, Jiaxing City, Zhejiang, Sun Zhilong, an 83-year-old elderly man living alone in Penglai Community, showed a bathroom with handrails after being renovated for the elderly. Photo/Xinhua

Chen Gong, director of the Institute of Population Research at Peking University, told China News Weekly that the current home and community elderly care service market is small and scattered, the supply is insufficient, the quality is not high, and it is difficult for enterprises to make profits. The root cause behind this lies in the heterogeneity of the elderly group and the diversity of their needs. However, the government and businesses do not accurately assess the effective needs of older people, resulting in an inflated need on the one hand and an inability to provide effective services to meet the needs on the other.

In May 2023, the Office of the Central Committee and the Office of the State Council issued the "Opinions on Promoting the Construction of the Basic Pension Service System", mentioning that the basic pension service refers to the basic, inclusive and comprehensive services provided by the state directly or through a certain way to support the relevant subjects to the elderly, and put forward 16 service projects for the disabled, the elderly, and the extremely poor.

In Li Zhihong's view, the government is not the only responsible body for basic pension services, and "basic pension services" cannot be equated with "government-provided pension services". The primary responsibility for providing basic old-age care services is the family, and when the elderly cannot obtain it through family support, market-oriented purchase, social mutual assistance, etc., the government should fulfill its responsibility to provide comprehensive protection. Only in this way can we form a basic pension service system in which multiple subjects share responsibilities, respond to aging risks in echelons, and everyone participates in the pension service industry.

A number of experts mentioned that if basic pension services want to be more accurate, they must be based on scientific evaluation. Li Zhihong pointed out that at present, the three systems of civil affairs, medical insurance, and health care have a set of evaluation standards for the ability of the elderly, and mutual recognition has not been fully realized. In addition, many places do not have the team and funds to conduct assessments, and there is also a lack of third-party assessment agencies to provide services. Chen Gong suggested that in the future, the government needs to further improve the assessment of the needs of the elderly, just like building a public service platform, which can point out more accurate service objects and needs for the market, and help the entire pension service industry reduce costs and increase efficiency.

Medical care is a rigid need for the elderly

Recently, Hu Yong, a professor at Peking University's School of Journalism and Communication, has sparked heated discussions about his mother's care for a mother with severe Alzheimer's disease. Hu Yong recalled to China News Weekly that a few years ago, if it was only a minor illness, he was willing to take his mother to a community health center to prescribe medicine or have routine check-ups – the elderly did not have to queue up at a major hospital to suffer, and the burden on caregivers could be greatly reduced. But for nearly two years, he stopped going to community hospitals. His mother needs to be in a wheelchair, and many areas of the community health center are not accessible or there is no elevator, so he and his brother have to carry his mother's wheelchair upstairs for check-ups. "I would be very happy if there was a home health screening service specifically for the disabled elderly. ”

On November 3, 2023, at the Community Elderly Care Service Center on Pingping Street, Guancheng District, Zhengzhou City, Henan Province, the staff was introducing the smart elderly care platform. Photo/Xinhua

Medical care is a rigid need for the elderly. In 2021, a survey conducted by the Development Research Center of the State Council showed that nearly half of the respondents wanted the elderly care services to be developed in their communities were medical services, followed by emergency rescue and housekeeping services.

In 2013, the State Council issued a document proposing the integration of medical care and elderly care for the first time. In the past few years, the main mode of the development of the integration of medical care and elderly care in many places is the establishment of medical institutions within elderly care institutions. Under the pattern of "9073", the policy began to focus on promoting the extension of medical and health services to communities and families. In 2022, the National Health Commission and other departments issued the "Guiding Opinions on Further Promoting the Development of the Integration of Medical Care and Elderly Care" (hereinafter referred to as the "Guiding Opinions"), the first of which is to develop the integration of medical and elderly care services in the home community. In November last year, the National Health Commission and other departments issued the "Guidelines for the Integration of Home and Community Medical Care Services (Trial)", clarifying the qualifications and service content of institutions and service personnel.

Hao Xiaoning, director of the Research Office of the Health Development Research Center of the National Health Commission, told China News Weekly Introduction, the elderly for the combination of home and community medical care, can be divided into three categories: first, the elderly who are sick but can take care of themselves, more than half of the middle-aged and elderly people suffer from a variety of chronic diseases, their medical needs, is regular health monitoring and health education; second, the disabled bedridden elderly, need professional care team to provide services; third, is the elderly who still need medical services after discharge, need to be undertaken by the community, to provide professional medical and rehabilitation services.

In 2022, the National Health Commission and other departments issued the "Guiding Opinions on Promoting the High-quality Development of Family Doctor Contracted Services", requiring that key groups such as the elderly and the disabled with limited mobility, disability and dementia and other key populations with real needs be provided with door-to-door treatment, follow-up management, nursing, palliative care and other services in combination with the actual situation, and proposed that by 2035, the coverage rate of family doctor contracted services will reach more than 75%, basically achieving full family coverage. But on the other hand, in practice, family doctors have the problem of "having a contract but not a service". A number of interviewed experts mentioned that one of the difficulties in the integration of home medical care and elderly care lies in how to improve the enthusiasm of medical staff to visit the door.

On January 15, 2019, volunteers in the village distributed steamed buns to the elderly in the "One Yuan Restaurant" in Huangdong Village, Li Que Town, Guangrao County, Shandong Province. Photo/Xinhua

Feng Wenmeng, a researcher at the Institute of Public Administration and Human Resources of the Development Research Center of the State Council, who has long studied the integration of medical care and elderly care, told China News Weekly that doctors usually visit many patients in an hour when they go out in hospitals, but it may take two hours to see a patient with door-to-door service and travel time. The cost of the service is also unattractive. Hao Xiaoning also noticed that in 2021, after the Beijing Municipal Health Commission raised the cost of on-site service for family doctors, the service fee for attending physicians and below is 60 yuan/time, 70 yuan/time for deputy chief physicians, 80 yuan/time for chief physicians, and 50 yuan/time for nurses. In addition, primary medical and health service institutions belong to the first class of public welfare institutions, and the total amount of performance salary is approved, and the door-to-door service fee will not be directly distributed to the medical staff, but will be redistributed to the institution.

"The current charging and distribution system is not in line with the design of more work and more rewards, and medical staff often lack the enthusiasm to provide door-to-door services. Hao Xiaoning told China News Weekly. In recent years, Shaanxi, Shanghai and other places have explored and optimized the incentive mechanism for family doctors. Taking Wuxi as an example, in 2023, it is stipulated that 70% of the door-to-door service fee will be directly paid to medical staff, which is not subject to the total performance salary of the unit.

In the courtyard of the Lotang Community Service Center in Huishan District, Wuxi, doctors do not need to step out of the medical complex, but only need to cross a corridor to enter the Lotang Nursing Home. Xu Guangqing, director of the Lotang Community Health Service Center and director of the Lotang Nursing Home, told China News Weekly that the nursing home has a total of 119 beds, mainly for the treatment of all kinds of disabled and semi-disabled elderly. If the elderly have medical needs, they can directly use the community service center, or even rely on the medical community to transfer them to the Huishan District People's Hospital. At present, the nursing home has been connected to medical insurance, which is settled on a daily basis, with medical insurance support of 100 yuan per bed per day, and local patients can also enjoy reimbursement policies such as long-term care insurance.

The "Guiding Opinions" issued in 2022 mentioned that the transformation of secondary and lower medical and health institutions in areas with abundant medical resources will be supported. The Lotang Nursing Home is the first new type of public integrated medical and elderly care home embedded in a community health service center in Jiangsu, and will open in January 2023. Nursing homes can provide medical care, rehabilitation promotion, hospice care and other services for patients in need of long-term care, which is a continuation and supplement of the hospital, and can alleviate the burden of the elderly in the hospital to a certain extent.

But the roll-out of this model is not easy. Hao Xiaoning found that at present, the number of secondary and below hospitals transformed into nursing homes is small, and there is a large gap. In the performance evaluation of existing public hospitals, the case combination index (CMI value) and the completion rate of surgery are important indicators for evaluating medical institutions. Medical institutions are transformed into nursing homes, and without outpatient services, surgeries and other medical services, their income and assessment rankings will decline, "unless it is really difficult for secondary and below medical institutions to survive, they are not willing to transform into nursing homes." In addition, in some provinces and cities, nursing homes are not covered by medical insurance payments.

Some pension service companies hope to "maintain medical care". Wang Yue's head office has a community nursing station, which is a first-class medical institution with several nurses. He told China News Weekly that at present, the ratio of medical care in community hospitals is insufficient, and there may be hundreds of elderly people to be served by a few people, and it is difficult to expand the number in the short term. As a result, companies want to expand door-to-door medical services, "but we don't dare to add risky services on a large scale, such as intravenous injections, nurses have to get a prescription from the hospital or a doctor to come to the door, and if there is a problem, we have to contact the doctor in time."

On October 26, 2018, the first Beijing-Tianjin-Hebei "Happy Parents" tourist special train created by China Railway Beijing Bureau Group Co., Ltd. for middle-aged and elderly passengers departed from Beijing West Railway Station. Photo/Xinhua

The greater threshold for "medical care" lies in medical qualifications. According to the requirements of the National Health Commission and other departments, the provider of integrated home and community medical care services must be a medical and health institution that has obtained a medical institution practice license or filed with the health administrative department. If a company wants to expand this business, it must first set up a medical institution, set up a medical team, and the corresponding departments and facilities and equipment must also meet the standards.

Hao Xiaoning does not approve of the elderly service institutions to carry out door-to-door medical services, "first, they have to find qualified personnel, the cost is very high; second, the elderly service enterprises need to have a strong ability to deal with medical risks; third, it is more difficult for the government to supervise."

Personal pension system to be improved

In Zhou Yu's view, the premise of decent pension is to have the guarantee of funds. Pension is one of the important sources of livelihood for the elderly.

Different from the historical process of "getting rich first and then getting old" in some countries, the rapid aging makes China "not rich", and it has to face heavy pension pressure. Li Zhihong pointed out that for a long period of time, the shortcomings of China's silver economy were supply-side factors, that is, "money cannot buy suitable products and services", and there are also demand-side factors, "the elderly who have no money cannot afford to consume". The key is to improve the payment system, in addition to long-term care insurance, another important means of payment is pension insurance.

From a global point of view, the pension security system is generally composed of three pillars: the first pillar is the basic endowment insurance, which is mandatory in the mode of individual payment, unit payment or government subsidy to provide basic security; the second pillar is the enterprise annuity, or occupational annuity, which is the supplementary endowment insurance voluntarily paid by the enterprise for employees, which is paid jointly by the enterprise and the individual; the third pillar is the personal pension voluntarily purchased by the individual.

In recent years, with the acceleration of aging, the pressure on China's basic pension payment has been increasing. In 2019, the World Social Security Research Center of the Chinese Academy of Social Sciences released the "China Pension Actuarial Report 2019-2050", proposing that the current income of pensions shows a rapid increase trend. Under the condition of retaining the current financial subsidy mechanism, there will be a gap in the current income and expenditure of the pension by 2028, and the gap will gradually expand over time.

It is an indisputable fact that the replacement rate of basic pension insurance will be lower and lower in the future. The pension replacement rate, which is the ratio of the post-retirement pension to the pre-retirement income, is used to measure whether the pension can meet the needs of life after retirement. The World Bank recommends that the pension replacement rate reach at least 70% in order for the elderly to maintain their original quality of life. Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, revealed in a recent interview that according to academic estimates, the current domestic pension replacement rate is about 40%.

On October 18, 2022, volunteers provided free physiotherapy services to the elderly in Chonghe Village, Anwen Town, Qijiang District, Chongqing, in the "Natural Health House", an inclusive elderly care place established by the local civil affairs department. Photo/Xinhua

In October this year, China will fully realize the integration of pensions, that is, the payment methods and standards of pension insurance for employees of government agencies, institutions and enterprises will be unified. According to the analysis of relevant experts, the merger reform solves the problem of unfairness of basic pensions inside and outside the system in terms of financing methods, but the gap between the two will still exist after the merger. On the one hand, many enterprises have established basic pensions according to the minimum standards, while most of the government agencies and institutions have paid the full amount according to the actual wages; on the other hand, the reform of the integration requires that government agencies and institutions should establish occupational pensions for their staff, but the enterprise pension system is not mandatory, which may lead to new injustices.

In some countries, the second and third pillars and the first pillar play a role in providing for the elderly, but in China, the first pillar is the main pillar, and the second and third pillars are small. According to data released by the Ministry of Human Resources and Social Security, as of the third quarter of 2023, the number of domestic enterprise annuities and occupational pensions covered by more than 70 million, compared with the 1.06 billion insured people in the first pillar. Zhang Yinghua, an executive researcher at the World Social Security Research Center of the Chinese Academy of Social Sciences, told China News Weekly that many enterprises lack the awareness of establishing enterprise annuities for their employees. "Among the more than 70 million people covered, only more than 30 million people are covered by enterprises, and it is difficult to expand the coverage of the second pillar. ”

As the third pillar, personal pension is a supplementary pension insurance and a family financial management tool, accounting for less than 1% of the current scale. In this year's government work report, it is mentioned that in 2024, the personal pension system will be implemented across the country and the third pillar pension insurance will be actively developed.

In October 2024, China will fully realize the integration of pensions, that is, the payment methods and standards of pension insurance for employees of government agencies, institutions and enterprises will be unified. Photo/Visual China

In November 2022, 36 cities in China began to pilot the implementation of the personal pension system. Workers who participate in the basic old-age insurance for urban employees can open a bank account, pay a pension of up to 12,000 yuan per year, purchase personal pension products independently, and enjoy a certain amount of individual income tax exemption and exemption. According to the data of the Ministry of Human Resources and Social Security, by the end of 2023, the number of people who have opened personal pension accounts will exceed 50 million, and the number of depositors will account for 22% of the number of account openings, while the per capita contribution amount is only about 2,000 yuan.

"This is probably something that was not thought of at the beginning of the policy design. Zhang Yinghua said frankly to China News Weekly. Many people open accounts because they are attracted by many preferential policies of banks, rather than really for the purpose of pension reserves. For example, Bank of China sent a group text message to users in Beijing: open a personal pension business, enjoy individual income tax reduction, "now open an account to win up to 316 yuan of WeChat instant reduction rights, and pay up to 115 yuan of WeChat instant reduction rights."

Zheng Bingwen explained to China News Weekly that the main reason is that the overall performance of the capital market is not good, and people use personal pension account funds to buy wealth management and funds, which may lead to floating losses in investment income. "Some product interest rates are similar on and off the market, why should people enter the market?" Zhang Yinghua pointed out that there is no long-term pension reserve culture in China, and everyone's expectations and attention to short-term income are too high. A bank account manager once publicly mentioned that some customers could only get the money when they retired, and "turned around and left".

At present, the specific time when the personal pension system will be promoted from the pilot to the whole country is unknown. However, Zhang Yinghua analyzed that the pilot cities have relatively developed economies, and the financial knowledge level of the participants is relatively high. In the future, personal pensions will be promoted from the pilot to the whole country, and the effect remains to be seen.

Elderly people chat at a social welfare center in Wuyishan City, Fujian Province, November 1, 2018. Photo/Xinhua

Zhang Yinghua also pointed out that the withdrawal method of domestic personal pension account funds is: reaching the basic pension age, completely losing the ability to work, or going abroad (territory) to settle. This approach is "inelastic and further weakens the attractiveness of personal pensions to young people". Countries such as the United States, New Zealand, and Canada allow people to withdraw early when they buy a home for the first time, and some countries also allow individuals to make early withdrawals if they have an education plan, are unable to reimburse medical expenses, or have health insurance.

In order to prevent the arbitrary misappropriation of personal pensions, these countries have limited the period and amount of early withdrawals, and set up punishment mechanisms. Canada stipulates that those who meet the conditions for early withdrawal must return their personal pension within 10~15 years after receiving it, and pay a fine if they are overdue, otherwise the personal pension will be refunded and the tax exempted from payment will be made up. Experts suggest that China could follow these practices, such as allowing them to withdraw some of their funds when they lose their jobs and make up for them when they are re-employed.

A number of respondents also said that it is necessary to increase the diversity of personal pension products. There are 753 personal pension products to choose from in China, including more than 460 savings products, 162 fund products, 107 insurance products, etc., which are launched in different commercial banks, and users cannot choose products across banks. Zhang Yinghua pointed out that commercial banks are not only the opening banks of personal pensions, but also provide related financial products, which means that banks are "both referees and athletes", and compete with other funds and insurance industries that provide personal pension products. "Banks may be inclined to divert account holders to savings personal pensions, and even make it more difficult for people to buy other types of personal pension products. ”

She called for commercial banks to assume only a single role in the personal pension system, "either as account custodians or as providers of related savings products." At the same time, she suggested that the Ministry of Human Resources and Social Security should establish a national "supermarket" of personal pension products, where people can open accounts in different banks and freely transfer and purchase various personal pension products.

In addition, at present, personal pensions attract customers through tax exemption, which means that this system is mainly for groups that pay personal income tax. Zheng Bingwen introduced that this is an EET tax preferential model, which does not need to pay individual income tax in the payment and investment income links, and pays taxes on the principal and investment income in the retirement withdrawal link. Under this model, non-taxpayers such as flexible employees and platform employees cannot enjoy the benefits of tax deferral, but have to pay taxes when they retire, and their personal pension access is greatly reduced.

He suggested that in the future, China's personal pension can explore the EET+TEE model. The TEE model, that is, only paying individual income tax in the payment link, and exempting the individual income tax in the investment income and receiving link, is more suitable for the low-income class. "There is no need to be taxed in the early stage, and it is tax-free when it is received, and people's enthusiasm to pay personal pensions will increase, thereby expanding the coverage of personal pensions. ”

(Zhou Yu and Wang Yue are pseudonyms)

Published in the 1138th issue of China News Weekly magazine on April 29, 2024

Magazine title: How to age decently

Reporter: Huo Siyi ([email protected])

Yang Zhijie ([email protected])

Editor: Du Wei

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