China to hike retired workers' pensions by 10 pct

Published: 19 Nov 2008 18:49:03 PST

BEIJING, Nov 20 - China will raise pensions for retired workers by about 10 percent starting Jan 1, Chinese media said on Thursday, citing the Ministry of Human Resources and Social Security.

The raise is the fifth such annual rise, but takes on added urgency this year as China seeks to establish a more effective social security net and boost domestic consumption, to offset the impact of the global financial crisis.

The higher pensions would be received by retired company workers, but would not apply to government workers nor hundreds of millions of Chinese farmers and migrant workers.