The implementation of the personal pension system is about to celebrate its first anniversary. On October 26th last year, the "Implementation Measures for Personal Pension" was officially introduced, marking the official implementation of the personal pension system and its implementation in 36 leading cities or regions across the country. The author learned from the Department of Human Resources and Social Security of Guangdong Province that as of the end of October 2023, more than 6 million individual pension accounts have been opened in the leading regions of Guangdong Province (directly under the provincial government, Guangzhou, and Shenzhen), ranking among the top in the country. Currently, China has established a pension insurance system with basic pension insurance, enterprise pension, occupational pension, and personal pension as the "three pillars". Personal pension refers to a system supported by government policies, voluntary participation by individuals, market-oriented operation, and the realization of supplementary functions of pension insurance. The relevant person in charge of the Provincial Social Security Bureau introduced that the participants of personal pension should be workers who participate in urban employee basic pension insurance or urban and rural resident pension insurance within China. In Guangdong, in addition to Guangzhou and Shenzhen being selected as the leading cities for personal pension, provincial-level insured individuals are also included. As long as the basic pension insurance relationship is in a leading city or region, workers can participate in personal pension regardless of their actual workplace or the location where their personal pension fund account is opened. The upper limit of the annual payment of personal pension is 12000 yuan. Participants can choose to pay monthly, in installments, or annually, and can enjoy tax exemption in the payment and investment process. Participating in personal pension is an increase in pension income on the basis of enjoying basic pension insurance benefits, and can also provide individual income tax incentives for insured individuals. For example, Mr. Chen's annual income is 300000 yuan, and after deducting special additional deductions, the taxable income for the year is 200000 yuan. The applicable tax rate is 20%. If Mr. Chen chooses to pay 12000 yuan of personal pension, he can reduce the payment by 2400 yuan (12000 yuan) in the payment process × 20%=2400 yuan) tax. Under this design, the higher the current income, the higher the tax incentives enjoyed, with a maximum annual tax reduction of 5400 yuan. If the payment is made for 20 years, the total amount of tax incentives will exceed 100000 yuan. If the tax rate reduction factor is considered, the actual total tax benefit will be higher. It is reported that enjoying personal pension tax benefits only requires a "two-step process". The first step is to download the personal pension payment voucher or record the voucher number from the handheld 12333APP or a commercial bank that opens a personal pension account; Step 2: Use the personal income tax app to scan the code or manually enter the payment voucher code, and you can easily and conveniently enjoy tax benefits. In addition, individual pension participants can independently choose to purchase personal pension products that comply with regulations, such as savings deposits, wealth management products, commercial pension insurance, public funds, etc. The personal pension fund account is closed and its rights and interests belong to the participants. Except for participants who have reached the age of receiving basic pension, have completely lost their ability to work, have settled abroad, or have other conditions that comply with national regulations, participants are not allowed to withdraw in advance. (New News Agency)
Edit：Hu Sen Ming Responsible editor：Li Xi
Source：GD TODAY
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