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SINGAPORE: Every month, corporate employee Ms Xianggui from China's Jiangsu province generously sets aside a fifth of her 10,000 yuan salary (US$1,371) towards her ageing parents’ retirement fund. Like other single adults living in China without siblings, the 29-year-old, who asked to have her full name kept private, bears the weight of being the sole financial provider for her parents, both in their 50s. She began setting aside more money after learning that her parents would only receive around 300 yuan each month, post-retirement and now hopes to save at least 200,000 yuan in the next 10 years. Hers is a predicament faced by many “single-child families” in China, which comes as a result of the one-child policy and has riddled the country with demographic problems. “Many families in my village only had one child in response to national policies,” she told CNA, adding that she hopes the national scheme could soon be improved to increase payouts and reduce financial burdens faced by adult only-children. China’s pension system has been facing immense pressure in coping with a rapidly ageing population and declining birth rates, which has resulted in a declining pool of working-age people funding the system and more retirees looking to receive payments. While the government’s move to raise the retirement age from January 2025 is a step in the right direction, experts say that it is still not enough and more clearly needs to be done to support the national pension scheme. There is little money left over for Ms Xianggui after deducting living expenses, retirement savings and allowances for her parents so she has had to postpone personal plans like buying her own house and getting married. "My parents’ monthly pensions are far too low, which deeply concerns me," she said, adding: "As an only child, the entire burden falls on me." A FRAMEWORK UNDER PRESSURE China ranked 31st in the world for pension systems, out of 48 countries, according to the 2024 Mercer CFA Institute Global Pension Index, scoring 56.5 with an overall C grade – a marginally better score than the 55.3 it received the previous year. But it received a dismal D for sustainability, highlighting concerns about the system’s ability to provide sufficient retirement income and maintain long-term financial viability. In comparison, Nordic countries like Sweden, Iceland and Denmark, known for their robust and well-balanced pension schemes, scored 74.3, 83.4 and 81.6 respectively, while Singapore’s Central Provident Fund system came in 5th with a score of 78.7. According to official statistics, China’s pension system covers more than 1.07 billion people across the country and is made up of three pillars. The basic pension system is led by the state, covering urban employees as well as urban residents and rural residents. Then, there's the voluntary employee pension plan from employers which has relatively limited reach. Finally, a private voluntary scheme was launched in 2022 and continues to see low participation rates as of June 2024, with just over 60 million people opening new accounts. But despite the broad coverage, the difference in payouts among working classes remains huge, analysts said, noting that only around 503 million people, half of the more than 1.07 billion people, were considered eligible for generous urban pension plans. Average monthly payouts for urban workers and business owners amounted to around 3,326 yuan as compared to only 179 yuan which workers and residents in rural areas received. Ms Zongyuan Zoe Liu, a Maurice R Greenberg senior fellow for China studies at the Council on Foreign Relations (CFR), told CNA that the sufficiency of payouts “still needed to be improved”. “The coverage ratio is impressive but the amount (that) people can withdraw is small,” she said. Those in prestigious fields, like former civil servants, doctors and schoolteachers, received the most generous benefits. On the other hand, migrant workers and others from rural areas were often excluded from higher-paying employment-based pension schemes, even if they had lived and worked in other cities for a long time. “Peasants and rural-to-urban migrants are the most disadvantaged in the pension system as most of them are enrolled in the resident-based track with the lowest benefit rate,” said Dr Huang Xian, an associate professor in the Department of Political Science at Rutgers University. “Individuals with rural roots are always placed at the bottom of the hierarchy for benefit distribution as they are the most distant from the regime in socio-political status.” PENSION POT RUNNING DRY? Besides inequality and insufficient support particularly for migrant and rural workers, the entire pension system is facing a major challenge because the pot is believed to be running dry soon. In 2019, the state-run Chinese Academy of Social Sciences (CASS) warned about a potential depletion of pension funds for urban employees by 2035. That estimate was however made before the economic impact of the COVID-19 pandemic, so analysts say the bomb may be ticking even faster. “A lot of the COVID-19 era pension or insurance health care deficits created negative shocks,” said Ms Liu, adding that there was also a chance the national social security fund could be depleted even before 2035. According to a 2021 government report, China’s social insurance funds recorded the first annual deficit in 2020, after authorities cut corporate contributions to help companies offset the fallout from the Covid-19 pandemic. The funds’ combined revenues fell 13.3 per cent in 2020 while expenditures rose 5.5 per cent. The shift toward gig and informal workers also raises challenges for pension revenue collection, experts said. “The ability to collect revenue for social insurance is becoming very difficult because social insurance assumes that most of your workforce is formally employed and generally long-term employed under legal, contractual arrangements,” said Mr Mark W Frazier, a politics professor at The New School in New York City. Public pension expenditure in China accounted for about 5.4 per cent of its total GDP in 2023, an increase from 5.2 per cent in 2022 and 2021, according to data from Statista. Analysts say this figure, while seemingly moderate compared to advanced economies, is substantial for a developing economy like China. “The sustainability of that level of collection and payment depends on the future of the Chinese economy,” said Mr Frazier. “You can always lower the 5.4 per cent expenditure figure if you have a larger economy, but the absolute number of pension expenditures will keep increasing year by year.” Further faltering of the pension system also risks eroding public trust in the government’s ability to meet its obligations, analysts said, potentially destabilising societal equilibrium. China’s rapidly ageing population has been affecting the pension system’s sustainability – with more elderly citizens claiming retirement benefits and fewer working adults contributing to the pension fund. The population aged 60 years and above reached 297 million in 2023, accounting for more than 20 per cent of the total population. This percentage is projected to increase to an astounding high of over 52 per cent by 2100 – meaning more than half the population will be elderly. The labour force has also been shrinking as the country’s declining fertility rate is now among the lowest in the world, at 1.1 children per woman. The imbalance has directly affected the country’s dependency ratio, the number of workers supporting each retiree, which is projected to fall from the current 2.95 to just 0.69 in less than 80 years, based on UN population projections, according to Mr Dudley L Poston Jr, a sociology professor at Texas A&M University. “As a result, financial risk and pressure are overwhelming,” said Dr Huang. In the meantime, pressure still remains on only children to shoulder the financial burden of their parents’ retirement. “The idea that a child is supposed to take care of the elderly, is a classic family value – not just China in particular but in a lot of (other) Asian countries,” said Ms Liu. "THE ENTIRE BURDEN FALLS ON ME" ‘Yang er fang lao’, a common Chinese saying, refers to the practice of bearing and raising children to look after you in your old age. But with the one-child policy implemented between 1980 and 2015, and the current low fertility rate, a whole generation of single-child families is bearing the weight of financially supporting ageing parents on their own. Ms Xianggui worries about her ability to support her parents long-term and has been conducting her own research on online platforms like Xiaohongshu about increasing pension contributions. She believes that it is “still possible” to increase her pension contributions to the maximum tier of 4,000 yuan annually. “Under this new plan (that I came up with), my father would contribute 8,000 yuan annually, and my mother 4,000 yuan into their individual pension accounts. Together, this could raise their combined pensions to over 1,000 yuan per month,” she said. While it’s a modest amount, she thinks the adjustment is “better than nothing” and “within” her financial capacity. The youngest of three children, Dove Long, an unmarried 41-year-old living in the city of Changsha, gives both her retired parents a fixed monthly allowance and even goes the extra mile to buy them supplementary private health insurance to “mitigate financial stress in case of major illnesses”. But despite earning a comparatively higher than average income of around 20,000 yuan (US$2743) per month, Ms Long said she still worries about her own retirement. For her, long-term financial security remains elusive. “Society generally expects children to take on the primary responsibility for their parents’ retirement,” she told CNA. “With the rising standard of living, I hope to have enough funds to enjoy a rich cultural and recreational life after retirement, such as frequent travel and participating in various interest classes,” she said. “My employer contributes to my pension insurance as required ... but relying solely on social security pensions may not fully meet my future aspirations for a quality retirement,” she added. “Under the current system, the estimated pension (I get) might only cover basic living expenses, which falls short of fulfilling all my needs.” Life expectancy in China has risen to 78 years as of 2021, from about 44 years in 1960, and is projected to exceed 80 years by 2050. And longer life expectancies will mean more financial strain like the increasing costs of elder support and care. “As people grow older, it’s natural to expect that they might need more medical (help) so expenses will increase,” said Ms Liu. “That added cost will be another financial burden to the family.” Young adults also grapple with other ongoing financial burdens like stagnant wages and high living costs. Competition in the job market remains stiff and pressures are high, Ms Liu added. “The cost of childcare is (also) high,” she said. “This basically means (people) have to spend if they decide to have (a) child, so it’s a lot of expenditure. But the wage growth has stagnated.” SPEND OR SAVE? The financial realities have impacted many major life decisions for Ms Xianggui, who shared that she had been planning to buy a house with her fiancé in Hefei, one of China’s fastest-growing cities famed for its blend of historical heritage and sci-tech innovations. The situation has been stressful, she said, adding that the couple has had to postpone their wedding in order to support her family. “My fiancé’s family is contributing the majority of (our) down payment while I can only provide 200,000 yuan as my parents are unable to support me financially,” she said. “He wants to work for a few more years to save up.” Rutgers University’s Dr Huang noted that citizens born under China’s one-child policy grew up in a relatively open and liberal era, different from their parents and have “a different approach to navigating challenges”. “They have better education and more exposure to new media in general, hold less trust in the government or lower expectations for the government’s social welfare responsibility,” she said, adding that they might seek alternative financial services instead of relying solely on state support. “However, they face similar challenges in balancing elder care and personal financial priorities compared to the older generations.” The unreliability of the pension safety net means most people “have no choice but to live on personal and family savings and assets after retirement”, said Dr Huang. “Older people ... want to save, to prepare for either retirement or emergencies,” said Ms Liu. “This propensity to save discourages people from consuming, and the lack of household consumption is a very big problem dragging the Chinese economy now.” She noted that a failure to stabilise China’s pension system could stifle domestic consumption, with global repercussions. “If families realise they have better healthcare or broadly speaking, better social security, then Chinese families or consumers are willing to spend, rather than just save for the future,” she said. “The increase in consumption is also going to stimulate the economy.” NAVIGATING THE ROAD AHEAD China’s pension system remains at a crossroads and in September 2024, the government announced incremental reforms to raise the retirement age, aiming to ease financial pressures on the pension system. The move was long overdue, given that China’s retirement age – 60 for men, 55 for women in white-collar jobs, and 50 for women in blue-collar jobs – had not changed since the 1950s, analysts said. “Extending the retirement age will allow the pension funds to last for some additional years,” said Mr Poston. However, he cautions that it is not a silver bullet. “This will not be a permanent fix. It will only partly address the extremely serious demographic problems now facing China.” Mr Frazier, who also authored a book titled "Socialist Insecurity: Pensions and the Politics of Uneven Development in China", noted limitations of this measure and said long-term effects would not be felt until 2040 or 2050. “The costs of pensions are never placed directly on people in the current moment, but they are postponed decades into the future,” he said. The Chinese government has in recent years also sought to diversify the pension system with the introduction of private retirement savings schemes in November 2022. The introduction of individual retirement accounts (IRA) is a key component of this effort. These accounts, modelled after 401(k) plans in the United States, allow individuals to make voluntary contributions of up to 12,0000 yuan annually to supplement their public pensions. According to Dr Huang, who is also affiliated with the Rutgers Center for Chinese Studies, the IRA is a personal savings account, and not social insurance, “because it has no social pooling or risk sharing among individuals”. “By May 2023, more than 900 million households have participated in IRA, but the average savings put into it is less than 2,000 yuan per household.” It’s clear that there’s more to be done, with experts emphasising comprehensive reforms being essential to ensure its sustainability, with proposed solutions spanning structural changes, fiscal reforms, and innovative labour policies. Mr Frazier says the fragmentation in China’s pension system, with over 2,000 local governments managing funds independently, has led to administrative expenses being wasted. “If you centralise or even bring it to 31 provincial-level pensions, then you're going to save a tremendous amount of administrative costs,” he added. The Mercer CFA Institute Global Pension Index 2024 suggests increasing the minimum level of support for the poorest individuals. Another policy solution is to relax the country’s hukou household registration system , which experts say would improve eligibility and support for migrant workers and rural residents. Meanwhile, China’s reliance on payroll taxes to fund pensions is increasingly unsustainable as the workforce shrinks. To increase contributions to the pension pot, Ms Liu pointed to untapped revenue sources. "Right now, China doesn't really have property tax, for example, and I think capital gain tax in China is fairly minimal or is completely non-existent," she said. Dr Huang emphasised the urgency of broader fiscal measures. "The demographic crisis can easily turn into a fiscal crisis for the government," he said. "Redistribution and changing the taxation system are crucial to managing these challenges." A more radical approach, as suggested by Mr Frazier, is to delink pensions from employment to create a universal basic pension. “You have to consider ways to introduce reforms that would guarantee pensions for people in an economy in which, over 40 years, there may be 40 different jobs, 40 different employers,” he said. China’s demographic decline has led others like Mr Poston to propose immigration as “the only answer” to replenish the labour force and alleviate pension funding pressures. “China needs to turn to immigration to get them out of this quagmire. The country’s several attempts to implement policies to increase the birth rate have not worked, and they will not work.” However, he also acknowledges the challenges. “It will not be easy to introduce and implement an active immigration policy in a country with little experience with immigration, few preferences for immigrants, and a seemingly deep-rooted belief in racial purity held by many leaders in the Chinese Communist Party.” For millions of Chinese citizens, the stakes are high, and the path forward remains fraught with challenges. “To be honest, I do have concerns,” said Ms Long. "I worry that by the time I retire, there might be insufficient pension funds or a decline in the quality of services." "However, I hope the government and society will continue to address these issues and improve the system to ensure it remains reliable."jili gems 。

The 2025 CES in the United States is about to unveil a brand-new chapter in the future intelligent home gardening LAS VEGAS , Dec. 28, 2024 /PRNewswire/ -- UBHOME, a sub-brand of UBTECH Robotics, announced an intelligent service robot in collaboration with Qualcomm Technologies, Inc. The Robotic Mower M10 is a revolutionary smart lawn mower announced at the 2025 International Consumer Electronics Show (CES) in the United States . This product is powered by the Qualcomm® RB1 Robotics Platform, showcases UBHOME's rich experience in robot research and development, and focuses on solving the pain points of traditional lawn-mowing equipment, providing users with a worry-free and labor-saving smart gardening experience, and creates a new model of gardening intelligence. User-Oriented: The All-New Convenience Brought by the Smart Lawn Mower to Life The Robotic Mower M10 is not only a high performance tool but also an upgrade of the smart lifestyle. In response to the pain points of users when using traditional lawn-mowing equipment, this product offers a series of practical functions, bringing brand-new convenience to home gardening: Wireless and Borderless Mowing : There is no need for cumbersome boundary wire installation anymore. The device relies on accurate environmental perception and navigation technology to independently plan the work area, allowing users to use it right out of the box, saving installation time and energy. Automatic Mowing, Saving Time and Effort : The device can automatically complete the lawn mowing work according to the preset schedule or real-time instructions, enabling users to manage the lawn care through delegation to the mower. Wide Coverage and Stable Signal : It supports a large-scale signal connection of up to 130,000 square meters. Even for extremely large courtyards , stable operation can be ensured, and there is no need to worry about signal loss. Real-time Online, in-control Anytime : Through APP remote control and real-time monitoring, users can adjust the mowing plan or check the device status at any time, managing the courtyard work as they like. The combination of these functions not only greatly simplifies the complexity of mowing work but also liberates users from repetitive physical labor, allowing them to focus on enjoying the wonderful moments of life. UBHOME: In-depth Layout in Smart Home UBHOME is a brand under UBTECH Robotics that focuses on providing smart solutions for families. As a world-leading robot enterprise, UBTECH, with its strong R&D strength and technological accumulation, has successfully launched Walker, China's first commercial bipedal human-sized humanoid robot. The launch of the Robotic Mower M10 by UBHOME this time is an important step in its layout in the smart home field. Relying on UBTECH's technological accumulation in robots and its in-depth understanding of user needs, the Robotic Mower M10 achieves the best mowing effect through environmental recognition and dynamic adjustment. Whether it is complex terrain, steep slopes, or high requirements for fine mowing, it can perform perfectly, demonstrating its excellent technical capabilities and brand commitment. Powered by Qualcomm Technologies, Facilitating Intelligent Upgrading As a global leader in wireless technology and edge intelligence, Qualcomm Technologies provides cutting-edge technical support for the Robotic Mower M10, including intelligent edge computing platforms, dynamic path planning, and environmental perception technologies. These technologies ensure that the device can operate efficiently in various environments, providing users with a precise and efficient smart experience. The Robotic Mower M10 utilizes the Qualcomm RB1 Robotics Platform to ensure the superior operation of the Robotic Mower M10 in large-scale courtyards, laying a solid foundation for realizing smart life. Industry Significance and Trend: Promoting the Development of Gardening Intelligence With the continuous increase in the demand for home intelligence, the market for smart gardening equipment is in a period of rapid development. As a typical representative of this trend, the smart lawn mower not only meets consumers' pursuit of a convenient lifestyle but also provides a direction for the transformation of the gardening industry from tool manufacturing to smart services. The product released by UBHOME not only fills the gap in the high-performance lawn-mowing equipment market but also sets a new industry benchmark. Through the multiple advantages of wireless , real-time connection, and fully automated operation, it endows home gardening with new value, making users no longer regard mowing as a burden but feel the convenience and fun brought by technology. Innovation Hand in Hand, Co-creating Smart Life The collaboration between UBHOME and Qualcomm Technologies showcases a strong collaboration of technology and innovation. Both parties are committed to bringing more convenient and efficient life experiences to consumers through technological innovation. At the 2025 CES, UBHOME and Qualcomm Technologies will showcase the innovative functions and application scenarios of this Robotic Mower M10. About UBHOME UBHOME is a brand under UBTECH Robotics, focusing on providing smart solutions for families. UBTECH is a world-leading robot enterprise dedicated to the research and development and application of artificial intelligence and robot technology and has successfully served more than 900 enterprise-level customers in more than 50 countries around the world. Media Contact Information For more information, please contact: UBHOME Brand Team: [email protected] Qualcomm is a trademark or registered trademark of Qualcomm Incorporated. Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. SOURCE UBTECH ROBOTICS CORP LTDDEERFIELD — On Dec. 1, 1949, WKTV made history as it aired its first broadcast, becoming the 93rd television station in the United States to go on the air. Perched at the top of Smith Hill Road in Deerfield, the station has been a steadfast presence in the Mohawk Valley, bringing news, weather, and entertainment to local viewers for 75 years. WKTV originally was affiliated with all four networks in operation at the time: NBC, ABC, CBS, and DuMont. Its affiliations changed over time, as DuMont ceased operations, ABC became affiliated with the competing local station WUTR, and CBS went to a Syracuse station before joining WKTV again. For 75 years, WKTV has kept its NBC affiliation, becoming one of the oldest stations in the NBC family. While WKTV is best known today for its local news coverage, the station aired a variety of entertainment shows in its early years. Longtime WKTV viewers have fond memories of productions like cooking shows with Jean Phair, “High School Quiz” with Lyle Bosley, and the daily after-school show with Bozo the Clown. Local entertainment productions ended by the 1970s, as the station shifted its focus to local news. Alongside local print media, WKTV joined the ranks to become a staple of local journalism, as the station covered some of the biggest local news stories that affected the community over the past 75 years. Steve McMurray, vice president and general manager of WKTV, noted that the station allowed the community to see the changes as they were happening, and that it’s the “biggest role the station has played and will continue to play as it goes forward.” “We always treat this as the community’s TV station. There’s a level of responsibility that goes with that, to give folks what they need and give them what they deserve. That’s a very humbling and daunting job, but it’s an incredibly rewarding one, as well,” McMurray said. “News isn’t always positive, but we certainly have the community’s best interests at heart.” From Jerry Fiore, to Bill Worden, as well as Jason Powles and Kristen Copeland, the station’s 75 years saw numerous reporters and anchors who became the face of local news across the Mohawk Valley. Outside of the region, WKTV is known for kickstarting the television career of Dick Clark, as the station was his first television job. Then known as Dick Clay, he left WKTV in 1952 for a job in Philadelphia and later became the host of “American Bandstand,” putting Clark in the national spotlight and earning the nickname “world’s oldest teenager.” In an era of emerging and advancing technology, the station has adapted to meet the needs of multiple generations who consume content through different mediums. While most of WKTV’s history involves broadcasting the news to people’s televisions, the station’s newscasts and coverage are also consumed online through livestreaming and social media. “You don’t survive and flourish 75 years by doing the same thing all the time. We have to position ourselves for the future and be able to pivot at a moment’s notice,” McMurray said. “I think for us, the content is always going to be king. The traditional legacy television numbers are still strong, but we have a lot more folks that are now getting us via social media and our digital media options. Now we’re in the streaming world. Our mantra going forward is going to have to be give our viewers and our consumers the product that they want on the platforms that they desire to get it on.” The station’s newscast schedule airs weekdays from 5 to 7 a.m., noon to 1 p.m., 5 to 6 p.m., 6 to 6:30 p.m., 10 to 10:30 p.m., and 11 to 11:35 p.m. The newscast schedule airs on weekends from 9 to 10 a.m., 6 to 6:30 p.m., and 11 to 11:30 p.m.AP Business SummaryBrief at 2:42 p.m. EST

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HP forecasts Q1 profit below estimates on sluggish demand in PC marketStock market today: Wall Street gains ground as it notches a winning week and another Dow recordDevelopers will have to show that their project either helps reduce the amount of non-recyclable waste going to landfill, or replaces an older, less efficient incinerator. The move forms part of the Government’s drive to increase recycling rates, which have held at about 45% of household waste since 2015. Environment minister Mary Creagh said: “For far too long, the nation has seen its recycling rates stagnate and relied on burning household waste, rather than supporting communities to keep resources in use for longer. “That ends today, with clear conditions for new energy from waste plants – they must be efficient and support net zero and our economic growth mission, before they can get the backing needed to be built.” Developers will also have to ensure their incinerators are ready for carbon capture technology, and demonstrate how the heat they produce can be used to help cut heating bills for households. The Government expects that its “crackdown” on new incinerators will mean only a limited number are built, while still reducing the amount of waste sent to landfill and enabling the country to process the waste it produces. The Department for the Environment, Food and Rural Affairs said the country was almost at the point where it had enough waste facilities to handle non-recyclable rubbish, and so had limited need for new incinerators. But the proposals stop short of the plans included in the Conservatives’ 2024 manifesto, which committed to a complete ban on new incinerators due to their “impact on local communities” and declining demand as recycling increased.

The number of businesses expecting a higher turnover increased by 13% when compared with the previous year’s survey. Almost three quarters of Scottish businesses are confident about their prospects next year, a survey has suggested. The Bank of Scotland’s business barometer poll showed 73% of Scottish businesses expect to see turnover increase in 2025, up from 60% polled in 2023. Almost a quarter (23%) of businesses expect to see their revenue rise by between six and 10% over the next 12 months, with just over a fifth (21%) expecting it to grow by even more. The poll found that 70% of businesses were confident they would become more profitable in 2025, a two per cent increase when compared with the previous year. Revenue and profitability growth was firms’ top priority at 52%, though 40% said they will be targeting improved productivity, and the same proportion said they will be aiming to enhance their technology – such as automation or AI – or upskill their staff (both 29%). More than one in five (22%) want to improve their environmental sustainability. Other areas businesses are hoping to build upon AI-assisted technology (19%), and 24% will be investing in expanding into new UK markets and 23% plan to invest in staff training. The business barometer has surveyed 1,200 businesses every month since 2002, providing early signals about UK economic trends. Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said: “Scottish businesses are looking ahead to 2025 with stronger growth expectations, and setting out clear plans to drive this expansion through investments in new technology, new markets and their own teams. “As we enter the new year, we’ll continue to by their side to help them pursue their ambitions and seize all opportunities that lie ahead.”Citizens Financial Group Inc. stock underperforms Thursday when compared to competitors despite daily gains

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