China to raise pension fees

China is set to raise pension fees for corporate retirees, while also standardizing pension payouts for cities across the country. Details were revealed at a regular meeting of the State Council, chaired by Premier Wen Jiabao on Tuesday.

Since 2005, pensions have gone up five times for corporate retirees, in an overall move to improve living standards. But payouts will be hiked again starting January 1st, by around 10 percent, equal to about 120 yuan per month. Those who worked in science and technology, or who joined the workforce before 1953, or are living in poorer regions, will receive even more.

Tuesday's meeting also underscored the need to standardize social insurance systems to protect the interests of the migrant population, by making it easier for such workers to get social insurance and pension funds.

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