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18-Feb-08 10:10 [Asia Pacific]
China boosts pension provision The Chinese government has chosen to increase basic state pensions for people who retire from enterprise.
According to CTV International, individuals will now be eligible to receive approximately 1,000 yuan a month under the new system, announced by the country's ministry for labour and social security.
At present, the country is expected to see this group of retirees increase by three million each year, the news provider reports.
The department said that its reforms of the social security system and its expansions are set to continue.
China is undergoing significant development in preparation for the Olympic Games it is hosting in the city of Beijing later this year.
It is estimated that staging the games in the summer - and the construction of new infrastructure - is likely to cost in the region of £25 billion, the Daily Mail reports.
Xi Jinping, a member of the standing committee of the CPC central committee's political bureau, recently called on local administrators to increase their efforts in preparing for the event.
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