Basic Aged Care Pension to Rise Around 5%, Retired Pensioners in China Expected to Reach 118M in 2019
The Chinese government has confirmed that the basic aged care pension will be increased for the fifteenth consecutive year in 2019 .
On 20 March the Ministry of Human Resources and Social Security announced via its official website the confirmation of a roughly 5% upwards adjustment to basic aged care pensions in China depending on region.
An official from the ministry said to state-owned media that 2018 saw a sizeable increase in average salaries as well as goods prices throughout China, prompting the State Council to further raise the basic aged care pension for company and public institution retirees in 2019.
“This is the 15th consecutive year since 2005 that the state is adjusting the basic aged care pension for company retirees,” said the official. “We expect that this year there will be 118 million retirees drawing benefits.”