City raising residents' old age pensions

Shanghai is raising old age pensions, the city’s Human Resources and Social Security Bureau announced on Tuesday.

Retirees covered by the social security fund for employees will get a 3 percent increase in their monthly pension from last year and an additional 70 yuan (US$10.8) a month. Women over 60 and men over 65 will get an extra 20 yuan a month per person.

People included in city residents' basic pension scheme will have their pensions increased by 100 yuan to 1,200 yuan per month.

The bureau said the changes should start from January and the increased pensions will be paid via banks or post offices by June 20.

Residents are advised to avoid peak hours to withdraw their pensions.

According to the national census conducted last year by the National Bureau of Statistics, the population on the Chinese mainland is getting older with people aged 60 or above accounting for 18.7 percent of the total population of 1.41178 billion. That’s 5.44 percentage points higher than the level in 2010 when the previous census was conducted.

In Shanghai, with a total population of 24,870,895, the proportion is even greater. About 23.38 percent are aged 60 or over and those aged 65 or above account for 16.26 percent of the city’s population.

Copyright 2009 Shanghai Municipal Human Resources and Social Security Bureau. All rights reserved.