Home>News Center>China
       
 

Annuity system tops US$12 b in 9 months
By Ling Hu (China Daily)
Updated: 2005-01-27 03:18

Chinese enterprises have accumulated more than 100 billion yuan (US$12 billion) in annuities in nine months since the government standardized annuity regulations, according to a Ministry of Labour and Social Security official.

A man gestures after receiving his card for annuity insurance in East China's Shangdong Province, October 14, 2004. [newsphoto/file]
"Most enterprises with additional pension funds are adapting to the annuity system," said Rui Lixin, an official with the ministry's legal affairs department.

The number is expected to grow, with more and more businesses planning to introduce the annuity system, Rui said at a seminar on social security legal systems sponsored by the Institute of Law under the Chinese Academy of Social Sciences (CASS).

China's pension system is mainly comprised of statutory pensions, annuities or additional corporate pensions, as well as private pension insurance, according to Rui.

The country's first regulations on business annuities became effective in May, laying the legal framework for annuity systems that encourage enterprises and employees to set up annuity funds to complement statutory pension funds.

Enterprises are offered a tax waiver for money collected as annuities, if the amount is not more than 4 per cent of their employees' yearly salaries. The regulations require enterpri-ses to form special offices or hire financial companies to manage the funds.

The Taiping Life Insurance Co Ltd and the Ping An Insurance Co Ltd won approval from the China Insurance Regulatory Commission last month to become the first two insurance companies to run an annuities business.

It is generally believed China's annuities could exceed 1 trillion yuan (US$120 billion) when the market becomes fully developed.

Liu Junhai, a researcher with the CASS Institute of Law, said annuity regulations need to be improved in additional ways to make annuity management more cost-effective.

According to current regulations, a financial company entrusted to manage a business annuity should hire a custodian, a bookkeeper and an asset manager to take care of the respective links in annuity management.

"Such a long management chain is costly and will lower the efficiency of supervision," Liu told China Daily.

"The policy-makers' great caution in making the first-ever annuity regulation is understandable, but efficiency is also a factor that needs to be taken into account."

The Standing Committee of the 10th National People's Congress has planned to produce a social security statute during its tenure.



 
  Today's Top News     Top China News
 

Taiwan's anti-annexation law a separatist move

 

   
 

US marine helicopter crash kills 31 in Iraq

 

   
 

Tian Liang demoted from national team

 

   
 

Spring Festival peak travel jams railways

 

   
 

China's economy grows 9.5% in 2004

 

   
 

Migrant proposal sparks hot debate

 

   
  Nation backs ASEAN disaster alert plan
   
  Twists and turns on the long journey home
   
  Freed hostages leave Amman for home
   
  Migrant proposal sparks hot debate
   
  Australia, China share green product labelling
   
  Four facing prison in bribery conspiracy
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 国产小视频在线看| 女人与大拘交口述| 国产大学生粉嫩无套流白浆| 中文字幕一二三四区2021| 欧美a在线观看| 亚洲精品tv久久久久久久久| 精品久久久久久国产| 国产精品久久久久久久福利院| 中日韩一区二区三区| 日韩精品一卡2卡3卡4卡三卡 | 精品一区二区久久久久久久网精| 国产三级a三级三级| 97色伦图片97综合影院久久| 少妇无码太爽了视频在线播放| 久久99久久99精品免视看动漫| 日韩午夜免费论理电影网| 亚洲Av高清一区二区三区| 欧美在线精品一区二区在线观看| 亚洲砖码砖专无区2023| 爽爽影院在线看| 伊人久久大香线蕉综合网站| 精品乱码一区二区三区四区| 又色又爽又黄的视频女女高清| 老鸦窝在线视频2021| 国产一区二区三区视频在线观看 | 色多多免费视频观看区一区| 国产综合久久久久| a国产成人免费视频| 女偶像私下的y荡生活| 一个人看的www在线观看免费 | 色噜噜亚洲男人的天堂| 国产精品自在线观看剧情| bt天堂中文资源在线| 好猛好紧好硬使劲好大男男| 一本久久a久久精品vr综合| 性色AV一区二区三区夜夜嗨| 无翼乌全彩无遮挡动漫视频| 亚洲精品国产综合久久一线| 玩弄丰满少妇XXXXX性多毛| 免费成人午夜视频| 看大片全色黄大色黄|