China will raise the basic monthly pension for retirees by an average 2% from 1 January 2025, according to a joint circular issued by the Ministry of Human Resources and Social Security and the Ministry of Finance. The adjustment applies to all workers who retired before the end of 2024 and marks the 21st straight year that Beijing has lifted benefits. Authorities estimate the latest increase will benefit roughly 150 million people, underscoring the government’s effort to shore up income support as the population ages. No details were released on the additional fiscal cost, but officials said the move is part of a long-standing mechanism that reviews benefits annually in line with economic conditions and living-cost changes.