In July, the basic pension adjustments for the year 2024 have been successively completed for retired elderly, benefiting approximately 140 million seniors.

As we move into August, will there still be an increase in pensions for the elderly? The answer is affirmative. However, the situation is quite complex and can be divided into the following five reasons:

Firstly, the pensions for retirees this year may be on the rise.

This is mainly because the pensions for retirees this year are calculated based on the provisional pensions using the average social wage of 2022 or the pension calculation base of 2023, which is due to the fact that the relevant data for this year has not been announced yet.

According to past experiences, Shanghai has already announced the full-range average social wage for 2023 (which is 12,307 yuan), and it is estimated that the pension adjustments and supplementary payments will be carried out around September.

Most provinces that use the pension calculation base will announce it in November and make adjustments in December.

The difference in pension adjustments is paid from the month the pension is issued, not like the pension adjustments that start from January.

The most unique case in the country is Heilongjiang, which announces the average social wage and calculation base for the next year in December every year (for 2024, it is 7,010 yuan), which is worth learning from other provinces.

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Secondly, some middle-level personnel in government and public institutions are about to receive pension adjustments.Before October 2024, retirees from government and public institutions will still have their pension benefits compared between the old and new methods, and any differences will be paid according to regulations.

In some areas, when the pension calculation factors are incomplete, temporary pensions may be issued. This period can sometimes last for several years consecutively. It is only when the finances are available that the adjustments and supplementary payments will be made, mainly in remote and financially stressed areas. After August, some of these individuals will also see adjustments to their pensions.

Thirdly, some regions will issue holiday allowances.

For example, the Hangzhou area will issue an 800 yuan Mid-Autumn Festival allowance for the elderly in September, and the Shaoxing area will issue a 400 yuan Double Ninth Festival consolation money for the elderly. However, these benefits are one-time treatments and are part of local historical policies, which are estimated to be difficult to increase in the future. Nevertheless, the pensions received by the elderly have increased.

Fourthly, most northern regions will issue winter heating subsidies for the elderly.

Winter heating subsidies were originally a unique welfare benefit for employees within the system in the northern regions. Later, after reforms, many areas included the subsidies in the pension insurance fund. The standards vary from province to province, with significant differences.

Shandong Province has been at 1700 yuan for the past few years; Henan Province is 120 yuan per month for four months; Hebei Province has different amounts of 1240 yuan, 1400 yuan, and 1560 yuan, mainly due to regional differences. Shaanxi Province is at 2360 yuan, Shanxi Province is at 3360 yuan, and Qinghai Province is at 3900 yuan. The highest region in the country is the Ningxia Hui Autonomous Region, with amounts of 4563 yuan and 3120 yuan.

Fifthly, the recipients of the urban and rural resident pension insurance.

According to the government work report this year, in 2024, the basic pension for urban and rural residents will continue to be increased. The national minimum standard for the basic pension will be raised by 20 yuan, reaching 123 yuan per month after the adjustment. Local governments can increase the benefits according to the local financial capacity and living standards. Currently, the highest region in the country is Shanghai, with 1490 yuan per month.Based on the adjustment plans of previous years, it is anticipated that the implementation will likely commence from July of this year.

Overall, with the continuous advancement of the national coordination of the pension insurance system, it is believed that the pension funds for retired elders will continue to increase. #Top Headline Creation Challenge# #Pension Increase#​