The Chinese government has decided to increase the basic pension of retirees. The Chinese Ministry of Human Resources and Social Security and the Ministry of Finance issued information in this regard on 22 May. According to the information, from January 1, 2023, there will be an increase of 3.8 percent in the basic pension of these retirees, who have completed the process of retirement as per rules before the end of the year 2022 and get basic pension on monthly basis.
It is said that this time the adjustment standard is the same for all types of retirees in the same sector. At the same time, those who pay more tax during the job, they will get more pension. Liberal policy will be applicable towards old age retirees and retirees living in remote and difficult areas.
(Credits- China Media Group, Beijing)
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