East China’s Jiangsu Province has increased the minimum basic pension for urban and rural residents from 160 yuan per person per month to 173 yuan, according to the province’s  Department of Human Resources and Social Security on February 20.

The new policy, released also by the Department of Finance, became effective on January 1 and will be put into practice across the province no later than March 31.

Nearly 11 million residents are expected to benefit from the decision, one of the programs designated to improve people’s livelihood this year.

This adjustment also means the province’s minimum basic pension is 80 yuan higher than the national level. An economic powerhouse, Jiangsu has raised the standard for 10 consecutive years.

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