We will make efforts to promote the sound development of commercial oldage insurance, the third pillar of China’s three-pillar old-age insurance system China has initially established a three-pillar pension system underpinned by basic oldage insurance, enterprise (occupational) annuity and personal commercial old-age insurance. The first pillar has covered nearly one billion urban and rural residents.
Brokers were eventually invited as participants to play a decisive role in the endeavour. The then strategy of the Bank was not well received. It was not appealing to brokers. As a result of miscarriages, the in-house Secondary Market Cell laboured in routine operations. In December 1998, the Bank of Mauritius started with the sale of Treasury bills over-the-counter to individuals and non-financial corporations.