China has raised the basic pension for retirees from enterprises by 10 percent from Jan. 1, the State Council said in a statement on the government website. The move will benefit more than 74 million retirees. The country will step up reform of pension system amid a rising elderly population, the statement said. The central government has also earmarked 98.3 billion yuan (US$16.1 billion) as subsidies for low-income groups this year, it added.
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