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China Basic Pension To Increase 3%

CHINA PRESS

Authorities have increased the basic pension by 3.0% from 2023 levels, for retirees who completed procedures before the end of last year, the Ministry of Human Resources and Social Security has announced. The decision enhances care for vulnerable retirees and people in remote areas, with the measure based on fairness and incentive mechanisms, the department said. The central government will provide appropriate subsidies for pensioners in western regions and old industrial bases, the department added. (Source: Global Times)

MNI Beijing Bureau | lewis.porylo@marketnews.com

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