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China
Company Pensions
The Chinese authorities are currently drafting tax and trust legislation that will allow corporate pension plans to develop. Even before any legislation is passed, employers are being encouraged to set up their own pension plans. The trust law is intended to establish a framework for a fund management industry by ensuring security of assets and setting investment guidelines. In addition to these proposed changes, the government is drafting a national pension law to replace the current complex city and provincial legislation. If adopted, it will lay the groundwork for a three-tier retirement savings system, with mandatory contributions at both the state and corporate level and the encouragement of personal savings.
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