Twenty-three provincial-level regions in China have announced plans to raise their basic old-age pensions.
Fifteen regions, including Hebei, Inner Mongolia, Jiangxi, Shaanxi and Jiangsu, have promised to pay the raised pension to retirees before the end of July.
In Central China's Henan Province, the minimal basic pension standard for rural and urban residents will be increased to 103 yuan ($14.98) from 98, said Li Hailong, deputy head of the provincial human resources and social security department.
It is estimated the local government would provide additional funding of over 900 million yuan to the pension scheme, which will benefit more than 15 million elderly rural and urban residents, Li said.
Regional plans to reduce enterprises' social insurance premium rate are also being gradually implemented across the country.
Statistics show in the first half of 2019 enterprise expenses for basic endowment insurance, unemployment insurance and employment injury insurance have been cut by over 128 billion yuan.
After companies' social insurance premium rates were reduced to 16 percent from 20 percent, the savings can be invested into production, expansion and operation, said Gao Ying, personnel administration manager from an electronics company in Jiangxi.
A recent State Council executive meeting decided to fully implement transferring State assets to social security funds this year. More beneficial policies are expected to be launched in the second half of 2019, as the country continues to advance social security reform.
(Source: China Daily)