Shanghai will increase the elderly-biased policy and increase the basic pension for those over 70 years old. As of the end of 2023, a total of 718,000 people in Shanghai will participate in urban and rural residents’ pension insurance.
Individuals pay annual contributions, the government provides subsidies, and village collectives provide subsidies if conditions permit. It has played a positive role in expanding the coverage of pension insurance, ensuring that the poor are covered, promoting rural revitalization, and promoting common prosperity.