In milestone move, China launches private pension scheme

Employees can contribute up to 12,000 yuan ($1,860) per year to their pension fund under the new scheme, which will be rolled out with one-year trials in some cities before being implemented nationwide.

Chinese employees will henceforth be able to invest and supplement funds in their pension accounts, authorities said on Thursday, launching the country's first private pension scheme as they tackle economic challenges linked to an ageing population.