In a new guideline focusing on the management of private pensions, the Chinese government has outlined plans to develop a multitiered, sustainable social security system to benefit its aging population.

The guideline, which was launched by five central departments, including the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration, states that a private pension is a supplement to the public pension system and is supported by government policies.

Under the guideline, workers at Chinese companies covered by the State pension system can join a private pension plan voluntarily.