Seniors’ subsidy fund gets extra US$300m
Print Edition
AN additional 2 billion yuan (US$308.4 million) a year has been added to the new social welfare fund for Shanghai’s senior citizens, which goes into effect on May 1, the city government said yesterday.
The extra money takes the yearly allocation to 4.5 billion yuan from the originally planned 2.5 billion yuan, Zhu Qinhao, director of the Shanghai Civil Affairs Bureau, told a press conference, at which he also outlined a number of changes to a scheme first announced in December.
The key revision is that recipients will now be classified into five age groups, rather than four. About 2.8 million seniors in the city will be covered under the subsidy fund.
People between 65 and 69 will receive a monthly payment of 75 yuan, while those in the 70-79 bracket will get 150 yuan. Octogenarians will receive 180 yuan, nonagenarians 350 yuan, and centenarians 600 yuan.
The changes were made on the basis of public opinion, Zhu said, adding that since its announcement in December, the plan has been discussed at 635 meetings attended by more than 12,000 senior citizens.
“The final version is an improvement on the original as it is better funded, much fairer, and based on what people told us they want,” he said.
To register for a Senior Card — a type of bank debit card that is credited monthly — people should visit their neighborhood committee between Monday and May 31, Zhu said, adding that anyone who misses that deadline can apply at their nearest community affairs service center.
Due to the scale of the operation, no payments will be made until late June, though they will be backdated to May 1, he said.
Each card is linked to one of six commercial banks, and scheme members can use their monthly allowances in any way they choose, Zhu said. Its introduction, however, is offset by the withdrawal — from June 25 — of the free public transport policy for people over 70, he added.
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