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.
