Chinese provinces raise old-age pension payment standard: ministry

BEIJING, Oct. 27 (Xinhua) -- More than half of China's provincial-level regions have increased the payment standard for basic old-age pensions for urban and rural residents, the Ministry of Human Resources and Social Security said on Wednesday.

According to the ministry, a total of 16 provincial-level regions in China have raised the payment standard, with a maximum rise of 100 yuan (15.7 U.S. dollars) per month in some regions, covering more than 72 million elderly people.

A rise in the standard means that those who are insured will receive a bigger pension every month, said the ministry.

As of the end of 2020, there were over 542 million people in China participating in the basic old-age insurance scheme, most of whom were rural residents.

In the next five years, China will continue to enhance the payment level step by step to safeguard people's livelihoods, according to the ministry.