China Poised to Increase Pension Benefits by 2 Percent in 2025
(MENAFN) China declared on Thursday that it will increase basic pension benefits for retirees in 2025, marking the 21st year of consecutive rises.
According to a joint circular from the Ministry of Human Resources and Social Security and the Ministry of Finance, monthly pension payments will be generally raised by 2 percent based on the 2024 average level. The circular emphasized that the adjustment will give priority to those receiving lower pension amounts.
In 2024, pension benefits were increased by 3 percent compared to the previous year.
Facing a rapidly aging population, China has made elderly care a national priority. Recent statistics indicate that the average life expectancy in China has climbed to 79 years. By the end of 2024, over 310 million Chinese citizens were aged 60 or older, representing 22 percent of the total population.
Furthermore, the government has committed to speeding up the growth of third-pillar pension schemes and advancing the implementation of a private pension system, as outlined in this year’s government work report.
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