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May 13, 2021

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Pension hikes announced for senior citizens

Shanghai has announced an increase in pensions for senior citizens.

According to the Shanghai Human Resources and Social Security Bureau yesterday, retirees covered by the social security fund will get an average 3 percent rise in their monthly pensions over last year plus an additional 70 yuan (US$10.86) a month. Those who have retired this year, however, will only get an extra 20 yuan not 70 yuan.

Old people included in city’s resident basic pension scheme will see their pensions increased by 100 yuan to 1,200 yuan per month.

The bureau said the hikes will be backdated from January and the cumulative increased amount will be paid to receivers via banks or post offices by June 20.

According to the latest national census conducted last year by the National Bureau of Statistics, the aging of the population on the Chinese mainland has deepened further as its people aged 60 years or above accounted for 18.7 percent of the total population of 1.41178 billion. This was 5.44 percentage points higher than the level in 2010 when the previous census was conducted.

In Shanghai, where the total population is 24,870,895, the rate of old people was even higher. About 23.38 percent were aged 60 or above and those aged 65 or above accounted for 16.26 percent.


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