China raises base pensions for retirees by 3%

China's retirees will see a boost in their monthly pensions starting Jan 1, 2024, according to a joint notice from the Ministry of Human Resources and Social Security and the Ministry of Finance.

The increase applies to individuals who completed their retirement procedures by the end of 2023 and were previously employed by companies or government bodies. The adjustment represents a roughly 3 percent increase on the average monthly base pension for retirees in 2023.

The State Council, China's cabinet, approved the pension hike. This move follows a consistent pattern of annual increases in recent years, reflecting the government's commitment to improve the livelihoods of retirees.