China has raised the basic monthly pension for retirees nationwide by up to 3.8 percent from the level of 2022, together with the launch of a fairer and more balanced distribution mechanism, as the nation strives to secure and improve livelihoods, a joint notice issued by the Ministry of Human Resources and Social Security and the Ministry of Finance said on Monday.
In order to ensure a fair pension distribution, incentive mechanisms are being adopted, such as paying more to get more and paying for longer periods to get higher payouts, the notice said.
Each provincial level region determines its own adjustment ratio and level with the national adjustment ratio as the upper limit.
The level of pensions can be correspondingly adjusted in favor of elderly retirees and retirees in remote areas.
The notice also urged localities to take practical measures to strengthen the management of the income and expenditure of the pension insurance fund, while making financial arrangements in advance to ensure that the basic pension is paid in full and on time and no new arrears will occur.
