What is the meaning of pension upward adjustment?

Pension adjustment refers to the approval by the State Council to adjust the basic pension level of retirees, generally including the scope of adjustment, adjustment level, adjustment methods, funding, organization and implementation of these five aspects of the content of the pension basically every year there will be an upward adjustment of different areas of the adjustment of the specific program will be a little different to the actual policy notification shall prevail.

The pension is one of the more popular insurance in the social security, the pension insurance accumulative payment of 15 years, you can reach the legal retirement age after the monthly pension, as the old age security.

The pension, also known as retirement pension and retirement fee, is one of the most important pension insurance benefits. According to the relevant state documents, after the workers become old or lose their ability to work, according to their contribution to the society and their qualification for pension insurance or retirement conditions, they will be paid monthly or one-time in monetary form, which is mainly used to guarantee the basic living needs of the workers after retirement.