Retired Workers in China will see an increased pension by the end of this month, the Ministry of Labour and Social Security announced on Tuesday.
An official from the ministry said that, starting from July 1, pensions for the retired across China have increased by 80 yuan each month, or about 10.6 US dollars. And those who used to be senior scientific and technical staff, retired earlier than others, or received a lower pension will see a 120 yuan increase per month.
Based on preliminary research, the nationwide pension adjustment will involve 42 million elders, and will need the financial backing of over 40 billion yuan each year, the China Youth Daily paper said.
The newspaper added that China will continue to increase the pension in the following three years, and that pensioners will benefit more from this rise than from the previous one. Further preferential policies will benefit the three categories mentioned above.
Also, China will pick up the establishment and improvement of the pension system, which will be adjusted with the changes - including the price index and wage of labors on duty.
Additionally, the country will take measures to make the pension distribution more rational between enterprises and governmental organizations.
Source: CRI English |
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