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This is NEWS Plus Special English. I'm Liu Yan in Beijing. Here is the news.
China has announced detailed standards of occupational pension for government employees as a move to build a multi-level and sustainable pension mechanism.
The welfare fund will require a government department to pay 8 percent of its total salary amount and a government employee to contribute 4 percent of one's taxation-based salary. It serves as a supplementary part of the basic pension system and commercial insurance.
According to a statement released by the State Council, China's cabinet, the benchmark of payment base is the same with that of the basic pension, and the fund sources also include related investment yield and other legal contributions.
The fund will be left to qualified institutions such as securities houses, asset management companies, and insurers to manage the pension and conduct investments.
This is NEWS Plus Special English.
