BEIJING —China will raise the basic pension in 2019, the 15th straight year it had doneso, to strengthen people’s sense of fulfillment and happiness, anEconomic Daily report said on March 21.

Starting from thebeginning of this year, the average monthly payment for retirees fromenterprises, government agencies and public institutions was lifted by 5percent from 2018 levels, according to a circular jointly issued by theMinistry of Human Resources and Social Security and the Ministry of Finance.

The State Council,China’s cabinet, decided to maintain a 5-percent pension rise this year,given that both the average salary increase and the consumer price rise were stablein 2018, said JinWeigang, head of Chinese Academy ofLabor and Social Security.

The increase, setto benefit 118 million retirees across China, was equivalent with the rise ratein 2018.

However, the riserate this year was lower than the 5.5-percent increase in 2017, due tomoderating economic growth and a rapidly aging society, which result in aheavier burden on the pension funds.

A slower rise rateis conducive to the pensions’ sustainable development, Jin said.

China raisedpensions by at least 10 percent annually during the 2005-2015 period before thepace slackened in 2016.

From 2005 to 2016,the average monthly pension payment for enterprise retirees went up to 2,400yuan(about $350) from around 640yuan,official data showed.

The government estimatesthat the number of people aged over 60 in China will reach 255 million, 17.8percent of the country’s total population, by 2020.

Source:https://appen.media.gov.cn/engovdata/goven/201903/21/455467/article.html