International Law at Work — February 2014: pensions corner
According to recent news reports in February 2014, Premier Li Keqiang decided to unify the current pension system for residents of urban areas and the current pension systems for residents of rural areas. The goal is to implement a unified pension system for all residents. China still has a residence registration system and locally registered residence is necessary for participating in the pension system. The planned unification will not lead to a complete nationwide unification because, for instance, the economic development level results in significant variation in the pension paid per location…
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For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
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Analysis from The Lawyer
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