China increases retirees' basic pensions

The Ministry of Human Resources and Social Security with the Ministry of Finance recently released a notice to increase the retirees' monthly basic pensions by 3.8 percent.

The adjustment is for retirees from companies and government bodies who finished administrative procedures of their retirement by the end of 2022.

According to the notice, the increase started to be calculated from Jan 1, so the authorities of all levels are required to issue the back pays to retirees as soon as possible.