Government wants to import 401k. How do these tax-free savings accounts work?

The policy of encouraging private savings has seen advances and setbacks over the last two decades. Examples of these errant practices include the end of tax benefits on certain products, such as housing savings accounts, the increase in the withholding tax on interest on bank accounts, which exceptionally rose to 28% during the Troika period (but has never fallen, being one of the highest in Europe), as well as the reduction of tax benefits in Retirement Savings Plans (PPR) and the cut in the profitability of Savings Certificates and other State products.