A 62-year-old man in Yiyang, Hunan Province, recently jumped into the river to his death after he was suspected to have been cheated out of his savings of more than 100,000 by a retirement agency, according to a report by China Newsweek.
The report points out that the pension institution took the funds from the man in the mode of booking pension beds and rebates, and then ran away in a suspected mine. The deceased committed suicide in grief and anger on January 19 because his pension money was cheated out.
The investigation also found that a number of elderly institutions in Yiyang charged high fees to many elderly people in a similar model, but ran away after the capital chain broke, resulting in many elderly people not getting their money back. Some informants revealed that there have been a number of elderly people have lightly died as a result.
A network opinion pointed out that the phenomenon of old-age institutions thundering and running away is an important reason for the lack of government supervision; and China has long entered an aging society, there are still many gaps in the pension mechanism.
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