East China’s Jiangsu province has increased funding support for old-age care services with the fiscal departments at all levels in the province allocating more than 100 billion yuan in the past two years to promote the old-age care services.
Financial departments at all levels in Jiangsu invested 53 billion yuan last year on the promotion of old-age care services in the province with 60 billion yuan expected to be allocated this year.
Jiangsu has improved the basic pensions for employees for 13 consecutive years with the per capita monthly pensions for corporate retirees hiked to 2620 yuan.
In the meantime, the standards for social assistance are rising steadfastly. Since 2016, the provincial financial department has allocated 200 million yuan to further improve the standard of support for the needy people with the old-age care subsidies determined in accordance with a ratio of 50%, 45% and 40% of the urban residents per capita disposable income and the annual per capita net income of farmers for the northern Jiangsu, central Jiangsu and southern regions.
The social welfare standard for senior citizens is also improving with old-age allowances distributed for all the elders aged 80 or above and a minimum of 300 yuan per month for the centenarians. The provincial fiscal budget has earmarked 37.44 million yuan to ensure that the goals will be met since last year.
