China Steps Up Reform Of Pension System: Govt

From AFP:

China said it will raise the state pension payment for retirees by 10 percent and enable hundreds of millions of migrant workers to transfer their retirement benefits when they move across provinces.

The State Council, or cabinet, announced the changes on its website after a meeting chaired by Premier Wen Jiabao on Tuesday.

China has been trying to improve its social security system to encourage people to spend more money rather than save for their retirement and future medical expenses.

State pension payments for retirees will be increased by an average of 120 yuan (18 dollars) per month from the start of 2010, the statement said.

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