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

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.

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