On June 6, 2016, the Ministry of Human Resources and Social Security revised the Tentative Measures for Enterprise Annuities promulgated in 2004 and drafted the Provisions on Enterprise Annuities (Draft for Comments) (the “Draft for Comments”) for public comments. According to the Draft for Comments, the enterprise annuities refer to the supplementary pension insurance system, which is voluntarily established by the enterprise and its employees through collective negotiation. The Draft for Comments also expressly indicates that the enterprise annuities shall be contributed by the enterprise and employees and shall be operated for investment purposes according to relevant regulations, the earnings of which will be incorporated into employees’ personal annuity accounts. The Draft for Comments is aimed at establishing a multi-level social security system to better safeguard employees’ social security interests.
China