The average monthly pension for retired employees of Chinese enterprises has increased to 3,162 yuan

Reporters learned from the Standing Committee of the National People’s Congress that from 2012 to 2023, the average monthly pension for retired employees of enterprises has increased from 1,686 yuan to 3,162 yuan.

The report summarizes the overall implementation of the Social Insurance Law, pointing out that the implementation of the Social Insurance Law has been in place and effective, and has played an important role in strengthening and improving people’s livelihood and maintaining social harmony and stability. China’s social insurance work has achieved historic achievements.

The report pointed out that the coverage of China’s social insurance has been steadily expanding. The coverage of social insurance such as pension, medical care, work-related injuries, unemployment, and childbirth has been continuously expanded, effectively enhancing the people’s sense of gain, happiness, and security, and providing favorable conditions for building a well-off society in an all-round way as scheduled and achieving the first centenary goal. By the end of 2023, the number of participants in China’s five major insurance types will be: 1.06 billion people for basic pension insurance, 1.33 billion people for basic medical insurance, 240 million people for unemployment insurance, 300 million people for work-related injury insurance, and 250 million people for maternity insurance, building the world’s largest social security system.

At the same time, the level of security has been continuously improved. From 2012 to 2023, the average monthly pension for enterprise retirees will increase from 1,686 yuan to 3,162 yuan, the average monthly pension for urban and rural residents will increase from 82 yuan to 214 yuan, unemployment insurance will increase from 707 yuan to 1,814 yuan, and the average monthly disability allowance for work-related injury insurance will increase from 1,864 yuan to 4,051 yuan. The reimbursement rate for hospitalization under the employee medical insurance policy will reach more than 80%, and the reimbursement rate for hospitalization under the resident medical insurance policy will reach 70%.