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Basic Pensions Adjusted for Retirees in Zhejiang Province
2018-07-17 10:58:17

Recently, the Provincial Department of Human Resources and Social Security and the Provincial Department of Finance have issued a notice that, approved by the Provincial Government and ratified by the Ministry of Human Resources and Social Security and the Ministry of Finance, starting from this year, the basic pensions will be increased for the retired persons from enterprises, government offices and public institutions who have gone through the formalities of retirement by the end of 2017, and the increased pension is expected to be paid by the end of July.

It is estimated that this will benefit a total of 7.45 million retirees in our province, including 6.84 million from enterprises and 0.61 million from government offices and public institutions.

According to the decisions of the government authorities, this year the pensions for the retirees will be adjusted in three ways: quota, variable and properly inclined adjustments. For quota adjustment, it is 40 yuan each person per month, which is to show social just. For variable adjustment, it is linked with one’s total years of deposit and basic pensions, which is to show the incentive principle of “more deposit, more pensions”.

In addition to the above adjustments, it is also properly inclined to older-age retirees: to the male retirees who are 70 years old or above and the female who are 65 years old or above by the end of 2017, each will get an extra of 30 yuan; for those who are 80 years old or above, each will get an extra of 60 yuan.

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