China to raise pension from 2010

08:13, December 23, 2009      

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China's State Council, or cabinet, announced Tuesday to raise pension for enterprise retirees nationwide from 2010, and allow employees to transfer their pension accounts when they move across provinces.

The State Council decided, at an executive meeting presided over by Premier Wen Jiabao, to raise the pension by about 10 percent from the 2009 level, or 120 yuan (17.57 U.S. dollars) a month per person, starting January 1, 2010.

It is the fifth consecutive year that China has raised the basic pension payments for enterprises retirees since 2005.

The state Council also said that migrant workers and urban workers would be able to transfer their pension accounts when they find new jobs in other provinces.

The new rule for transferring pension accounts across provinces will take effect as of January 1, 2010.

Source: Xinhua
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