China said on Thursday it would expand a private pension scheme nationwide from December 15, following a pilot effort, as it moves to plug a pension gap in plans to help a rapidly ageing population. Those covered by public pension insurance will be allowed to open private pension accounts and invest up to 12,

China’s third pension pillar program, which allows participants to open personal pension accounts, will be expanded nationwide after a two-year pilot, the Ministry of Human Resources and Social Security said in a statement released Dec. 12.

Five central departments, including the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration, jointly released a notice on Thursday stating that the private pension program will be entirely operated nationwide from Sunday.

Workers covered by the nation’s basic pension insurance system can voluntarily open private pension accounts and deposit up to 12,000 yuan.

After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme.

China's Ministry of Human Resources and Social Security, joining four other government departments, issued a notification on Thursday announcing the nationwide rollout of a private pension system. Effective from December 15,

China is expanding its private pension fund pilot program nationwide to address retirement payout strains. The limitations of the experiment are already on display.