China Will Raise Basic Pensions For Retirees From New Businesses On New Year'S Day Next Year.

The Ministry of labor and Social Security announced 14 days to ensure that the adjusted basic pension will be extended to retirees in the hands of enterprises before the Spring Festival of 2008.

With the approval of the State Council, the Ministry of labor and social security and the Ministry of Finance jointly issued a notice recently, and decided to raise the level of basic pensions for retirees from enterprises who have gone through the retirement formalities according to the regulations before January 1, 2008 from the year of December 31, 2007.

The head of the Ministry of labor and social security pointed out that the adjustment should be combined with universal adjustment and special adjustment.

The adjustment level will be higher than that in 2007.

The adjustment will be linked to the payment age, payment level and age of retirees.

There are about 40000000 retirees in the country.

According to the State Council's deployment, the standard of basic pensions for retirees in Chinese enterprises has been continuously raised for three years from 2005 to 2007, and will continue to rise for three years from 2008 to 2010, and the rate of increase is higher than that of the previous three years.

Reporters learned from the Ministry of labor and social security, this year, the national enterprise retirees per month has increased the basic pension of around 90 yuan per person.

It is estimated that by 2010, the average monthly pension for all retirees will exceed 1200 yuan.