Old-age pensions in the city are to be upgraded from next month.
Shanghai Human Resources and Social Security Bureau announced yesterday that all retired employees will have their pensions raised by 2.5 percent from last year and will further receive an extra 60 yuan (.70) per month, said Zhao Zhuping, the bureau director.
They will also have 2.5 yuan added for each year they had contributed to the pension system.
Additionally, men who were aged over 65 and women over 60 by the end of 2016 will have an additional 20 yuan added each month.
Zhao said the adjustment would be applied to annuities from January and the bureau would retroactively pay the added sums by May 5.
Zhao also said that the public medical insurance system was expected to cover more targeted drugs for cancer as the government was adjusting its pharmaceutical list to reduce medical costs for patients with severe cancers.