(ECNS) -- China officially issued a personal pension system in 36 cities on Friday, according to the country's Ministry of Human Resources and Social Security.
Citizens can deposit up to 12,000 yuan ($1,675) per year to their individual accounts and receive tax benefits.
They are able to open their personal pension fund accounts with six large state-owned commercial banks, 12 joint-stock banks, five urban commercial banks,11 wealth management companies, 14 securities companies, seven independent fund sales institutions and six insurance companies, etc.
Citizens can voluntarily invest in qualified products, including banking wealth management products, deposits, insurance and public funds.
People receive personal pensions as long as they reached the retirement age, lose their working capability entirely, or settle abroad, etc.
The fund can be inherited after death.
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