May 1 start for China supplementary pensions
Enterprise annuity legislation is expected to be effective on May 1, opening a new market for pensions providers.
China's Ministry of Labour and Social Security (MoLSS) has reportedly said new legislation creating a long-anticipated form of supplemental pension plan, the enterprise annuity, will be effective on May 1, 2004, according to Hewitt Associates in Hong Kong.
Companies in good financial standing that can meet their compulsory contributions to the national social security system will be allowed to offer workers an enterprise annuity and receive a 4% tax deduction.
The enterprise annuity…
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