BEIJING, Jan. 9 (Xinhua) -- Chinese authorities have decided to raise the pension for corporate retirees by 10 percent to cope with the rising cost of living, according to a cabinet meeting on Wednesday.
The new rules took effect on Jan. 1, 2013, according to an executive meeting of the State Council, chaired by Premier Wen Jiabao. The government has increased the corporate pension for nine consecutive years.
According to a press release issued after the meeting, the pension for corporate retirees in 2013 will be raised based on the basic level of their monthly pension per capita in 2012.
In addition, it said pensions for corporate retirees with the professional qualification of senior engineer and those who were demobilized veterans will be further increased, without offering specific details.
The central government agreed to establish a pension-adjusting mechanism to ensure that pensions for corporate retirees could be raised gradually.
China's central government has raised pensions for corporate retirees since 2005. Their monthly pension per capita has been lifted from 700 yuan (111 U.S. dollars) in 2004 to 1,721 yuan in 2012.
The State Council also approved a list of 4,824 professionals and technical staff who will be given special government allowances. To date, more than 166,000 people in China have been given such allowances.