Tianjin to increase basic pension by about 5% per capita

Tianjin Human Resources and Social Security Bureau and Municipal Finance Bureau decided to adjust the basic pension for retired employees from January 1, 2018. The changes will apply to both enterprises and institutions.   

Specific measures：

1.General adjustment

Retiree from enterprises and institutions will get an additional 45 and 40 yuan per month respectively.

2.Linked-up adjustment

The pension is adjusted according to both years of premium payments and the amount of the basic pension. With retirees whose premium payment years number less than 15, 15 yuan will be added monthly; another 18 yuan will be given for each year over the 15th year. Two percent of the 2017 monthly average pension amount will be given on a monthly basis to each retiree.    

3.Aged-based adjustment

For retirees aged between 70 and 74 by Dec 31, 2017, 30 yuan will be offered per month; 50 yuan for those aged between 75 and 79; 70 yuan for those 80 and over. An additional 20 yuan will be provided to female retirees aged between 65 and 69.

After adjustment, retirees whose monthly pensions are below 3,073 yuan with be offered an extra 14.4 yuan yearly for each year over 15 years of premium payments.  

An estimated 21.34 million people will benefit from the adjustments with an monthly average pension rise of 5 percent. The plan will be implemented from July; the added pension after adjustment for Jan to June will be added to that of July.