China continues to raise basic pension payments for retirees
China announced Monday that it will raise the basic pension payments for retirees in 2023, marking 19th consecutive annual increase.
The average monthly payment for pensioners of enterprises, government agencies and public institutions is set to be lifted by 3.8 percent from the 2022 level, according to a circular jointly issued by the Ministry of Human Resources and Social Security and the Ministry of Finance.
Last year, China raised the basic pension payments for retirees by 4 percent from level of the previous year.
China has put elderly care high on its agenda as it copes with an ageing population.
Official data showed that by the end of 2022, the number of Chinese people aged 60 or above had surpassed 280 million, accounting for 19.8 percent of the country’s total population.
The country has recently released a set of guidelines to facilitate the building of a “basic elderly care system” amid efforts to pursue a proactive national strategy regarding population ageing and ensure equitable access to public services.
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