基礎養老金上調(jīchǔyǎnglǎojīn shàngtiáo): Basic pension increases
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Old-age insurance consists of a basic pension and personal account pension. The central government decides the minimum level for the basic pension, but local authorities can increase the basic pension they provide according to the actual local situation. At present the minimum basic pension set by the central government is 70 yuan ($10) per person per month.
According to media reports, at least eight provincial-level regions including Shanghai, Hebei province, and the Inner Mongolia autonomous region recently increased the basic pension they provide. For instance, from now on, Shanghai's urban and rural resident basic pension will increase 100 yuan to 850 yuan. And the Inner Mongolia autonomous region has issued an announcement that the basic pension will increase 20 yuan to 110 yuan per person per month, which will benefit 2.23 million urban and rural pensioners.
Many provincial governments have also said lower level authorities can further increase local residents' basic pension standard according to the actual situation in their localities.
