Mr Frazier says the polarization in China’s annuity system, with over 2, 000 local institutions managing money freely, has led to operational costs being wasted.  ,
” If you centralise or even send it to 31 provincial-level retirement, then you’re going to save a tremendous amount of administrative fees”, he added.
The maximum level of support for the poorest people is suggested by the Mercer CFA Institute Global Pension Index 2024.
The government’s hukou home registration system could be relaxed, according to authorities, which would increase migrant workers ‘ eligibility and support for rural people.
However, China’s reliance on pay taxes to fund pensions is extremely untenable as the workforce shrinks.
Ms. Liu cited undeveloped revenue sources as a way to raise contributions to the annuity pot. ” Right then, China doesn’t really have estate tax, for illustration and I think capital gain taxes in China is very minimal or is totally non-existent”, she said.
Dr. Huang emphasized the need for more comprehensive governmental policies. ” The socioeconomic problems can quickly turn into a fiscal crisis for the state”, he said. Redistributing and altering the tax structure are essential to addressing these issues.
A more extreme method, as suggested by Mr Frazier, is to vowed pensions from job to create a universal standard annuity.  ,
” You have to consider ways to introduce changes that would ensure retirement for persons in an economy in which, over 40 years, there may be 40 unique work, 40 different companies”, he said.
Others like Mr. Poston have suggested immigration as” the only solution” to restock the workforce and relieve pressure on pension funds as a result of China’s demographic decline.  ,
China needs to use immigration to escape this peril. The country’s numerous attempts to put policies in place to increase the birth rate have failed and will fail.
However, he also acknowledges the challenges. It won’t be simple to implement an active immigration policy in a nation with little immigration experience, few preferences for immigrants, and a seemingly deep-rooted belief in racial purity held by many leaders in the Chinese Communist Party.
For millions of Chinese citizens, the stakes are high, and the path forward remains fraught with challenges.  ,
” To be honest, I do have concerns”, said Ms Long.
” I worry that the quality of the services I provide will decline as I retire,” he said.
” I hope the government and society will continue to address these issues and make the system more trustworthy,” he continued.