Pensions and retirement planning

Firstly, we will talk about that what is the State Pensions.

The State Pensions is the people can get money when they were retire.

And it is gives people a regular income for the rest of their life.

In China, there have a same policy.

Every people must to buy three insurance is provided for Chinese policy.

And three insurance is Pension insurance, medical insurance, unemployment insurance.

In China, the pension insurance was paid by the units and employees.
The units was pay 20% of total wages for every mouth.
The employees were pay 7% of monthly salary.

And I think the pension insurance is a minimum security of city life.

It can help people have a income when they are retirement.