Photo: VCG

Two ministries on Monday jointly released a notification adjusting the national old-age pension in 2024 for retired employees, lifting the level by 3 percent compared to 2023.

Released by China's Ministry of Human Resources and Social Security and the Ministry of Finance, the latest adjustment covers all employees who completed their retirement procedures before December 31, 2023.

The notification also requires Chinese provinces, municipalities and autonomous regions to align their pension adjustment levels with the national adjustment.

Aside from adjustment of the fixed part of the pension, the notification also mentioned a pegged adjustment based on employees' working years. The pensions of senior retired employees and those who worked in distant regions will also be increased.

All the adjustments are based on fairness, incentive mechanisms, and special care for vulnerable retired employees, said the notification.

The pension comes from the basic endowment pension fund of enterprises and government departments. The central government will provide appropriate subsidies for pensions in the western regions, old industrial bases, Xinjiang Production and Construction Corps, and government departments and their affiliated institutions in Beijing, according to the notification.

The notification also requires local governments to strictly follow the plan to conduct pension payments in full and on time.

Global Times