Plans for implementing a pilot program on tax-deferred pension in China have already been submitted to the State Council, or China's cabinet, for approval, according to an exclusive report by the Alibaba-backed daily newspaper China Business News on Tuesday.
Earlier media reports said that China was set to announce details about the plans later this month. The trial program is a long-anticipated scheme that allows employees to set aside a tax-deferred portion of their salaries for purchasing designated pension products.
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