Beijing increases basic retirement pension by 5%

Beijing has raised the  basic retirement pension by 5 percent to around 4,157 yuan ($600) per person, which will cover 2.57 million people, said the Beijing Municipal Human Resources and Social Security Bureau on Friday. 

Wu Xiaojun, deputy head of the bureau, said it's the 27 successive increase of Beijing's retirement pension in the past years. 

"The retired should enjoy the fruits of economic growth together with others in the society," he said. 

As per the bureau, Beijing's pension fund recorded 234 billion yuan income and 146 billion spending in 2018.