Apr 08, 2015 05:01 PM

Caixin Explains: New Annuity Program

(Beijing) – The State Council published a detailed plan for an "occupational annuity program" for civil servants and employees in the public sector on April 6, the latest move by the government to reform the pension system.

The cabinet said the annuity program is compulsory, and government agencies and public institutions such as schools and hospitals and their employees must contribute to the annuity fund.

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