According to China Daily, the Ministry of Civil Affairs will have a standard payment system for those citizens aged 80 and older. As of 2008, the aged popularion in China was 169 million, 12.79% of the total population. By 2020, with the current aging rate, the population could vastly increase to 248 million, which would be 17% of China's population! The ministry also has wants to have daycare centers for elderly citizens. Further, China also is raising the pension for some retirees by 10% in 2010. The goal is for government (local and federal) to be able to put aside at least 318.5 billion yuan into the social security fund in the year 2010. This pension plan pays out 120 yuan a month per person which is an increase from when program began in 2005.
information received from:
http://en.cncaprc.gov.cn/en/iroot1007210001/4028e47d26c07bda01278e7b3e2402e8.html
http://en.cncaprc.gov.cn/en/iroot1007210001/4028e47d26c07bda012785692b07027d.html
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