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According to this year’s government work report, pensioners will receive more than they did in 2018. While pensions in China have increased 15 years in a row, adjustments have been erratic and unpredictable, creating feelings of unease among retirees.
An article in the Legal Daily called for laws standardizing the current pension system as laws do for social insurance.
If pension adjustments follow laws or regulations, retirees would have a rough estimate of how much they stand to receive. This is important for pensioners, read a commentary in the Beijing Youth Daily.
In the past decade, a lack of rules on pension adjustment in place resulted in wide fluctuations. For instance, the largest increase was 23.7 percent in 2006 while only five percent in 2018.
While every year’s pension adjustment correlates with the year’s wages standards and inflation, retirees still have uncertainties because there are no rules dictating pension adjustments in place. This could create feelings of inequality among pensioners, especially for those living on comparatively meager pensions. Clear pension adjustment regulations could help ease these feelings, the article read.
