China. Rising pension levels to ensure senior citizens have no tension
Seventeen provincial-level regions in China, such as Beijing, Tianjin and Shanghai, and Shaanxi, Henan, Hebei and Liaoning provinces have issued notices raising local pensions. Other regions are expected to follow suit.
This rise in pensions for the 17th consecutive year is in accordance with the spirit of this year’s Government Work Report and a notice issued by the Ministry of Human Resources and Social Security and the Ministry of Finance in April on adjusting basic pensions for retirees in 2021 by raising monthly pensions by 4.5 percent from the year before.
Since 2005, China has been adjusting pensions according to the rise in average wages and prices every year.
Given that there are a large number of insured people in China, a continuous rise in pensions puts more pressure on the fiscal budget. Latest data show that by March 2021, the number of people covered under basic old-age insurance nationwide had reached 1.007 billion.
Read more @China Daily
