Li Zhong, Vice Minister of Human Resources and Social Security: The minimum contribution period for receiving pensions has been gradually increased from 15 years to 20 years, highlighting two policies

On September 13, Li Zhong, Vice Minister of the Ministry of Human Resources and Social Security, said at the special press conference of the 11th meeting of the Standing Committee of the 14th National People's Congress today that the minimum contribution period for receiving pensions will be gradually increased from 15 years to 20 years, highlighting two aspects of the policy. One is to establish a 5-year buffer period. The main consideration is that some employees with a contribution period of about 15 years are approaching retirement. Establishing a 5-year buffer period can reduce the impact on them. The second is to take a gradual approach. For employees who retire after 2030, the minimum payment period will not be raised to 20 years all at once, but will be adjusted in small steps, increasing by 6 months every year. This will make it easier for employees who have not yet reached the minimum payment period to make insurance participation arrangements in advance.