China raises basic pension benefits for retirees

BEIJING, July 10 -- China announced Thursday that it will raise basic pension benefits for retirees in 2025, marking the 21st consecutive annual increase.

The monthly payment for pensioners is set to be lifted by 2 percent in general from the 2024 average level, according to a circular jointly issued by the Ministry of Human Resources and Social Security and the Ministry of Finance.

The adjustment will prioritize groups with lower pension levels, the circular said.

Last year, China raised the basic pension payments for retirees by 3 percent from level of the previous year.

With an aging population, China has prioritized elderly care.

Latest data showed that the average life expectancy in China has reached 79 years. By the end of 2024, the number of Chinese people aged 60 or above had surpassed 310 million, accounting for 22 percent of the country's total population.

The country also pledged to accelerate the development of third-pillar pension plans and implement the private pension system, according to this year's government work report.

Source：Xinhua

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