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16:14 Feb 04 2010

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Tibet initiates new rural social pension insurance system
16:12, February 04, 2010  

Tibet distributed the first batch of new rural basic pensions February 3, marking the official initiation of the new rural social pension insurance system in the region and a substantial step forward by Tibet in terms of establishing a social security system covering both urban and rural areas.

Relevant departments made 1-time distributions of basic pensions, which are part of the new rural social pension insurance, for the period ranging from November 2009 to March 2010 to over 4,000 residents in Caigongtang Town in Lhasa during the ceremony for the distribution of the first batch of new rural basic pensions. Each recipient is eligible for 55 yuan basic pension per month.

According to the Tibet Autonomous Region Department of Labor and Social Security, Tibet's new rural social pension insurance system consists of 2 types, basic pensions and individual account pensions. Any elderly person at the age of 60 or above is eligible to receive 55 yuan in basic pension without any fee payment conditions. The standard of the basic pension will be raised in line with economic and social development.

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