Shenzhen: living with your elderly parents to get relief in your income tax
1. Problem of ageing population in Shenzhen:
Shenzhen is currently facing a problem of an ageing society.The number of local citizens above 60 will rise from 250,000 to 400,000 in only five years. By 2020, the population of permanent senior residents above 60 will have increased from 490,000 to 760,000.
2. The authorities’ reform:
In order to meet the demand from the ageing population, the Shenzhen’s authorities announced a series of measures which will be implemented progressively over the next five years, such as:
- Encouraging seniors to stay at home and be cared for by their families through tax relief policies for children who support and live with their elderly parents.
- Accelerating the development of nursing homes and residential communities to accept more seniors. By 2020, Shenzhen should have 3,000 additional beds pension to reach the target of 35 beds for every 1,000 local seniors.
- Exempting seniors of property tax if they decide to pay for care services via house loans.
- Setting up special institutions to create a digital and physical network for home care programs (healthcare, rehabilitation and housekeeping services)
3. The public perception of this reform: