SHENZHEN adjusted its policy on endowment insurance and increased pensions for the elderly, according to a notice on endowment insurance for citizens in Guangdong released by Guangdong authorities.

Over 65-year-old citizens who chose to collect their pension on a monthly basis will have an additional 50 yuan (US$7) in their pension each month, and over 80-year-old residents will have an additional 100 yuan in their pension each month, according to the notice which will take effect June 11.

The annual fees for endowment insurance will be adjusted to nine levels from the previous 10 levels, defined by the insured.

The municipal government will cover all fees for the city’s disadvantaged groups who chose the level of 180 yuan per year for the endowment insurance.

For those who chose other levels, the Municipal government will grant 180 yuan. The remainder of fees will be covered by the insured.

Endowment insurance includes basic pension, pension in personal accounts, and funeral subsidies, said Shenzhen Economic Daily.

The basic pension for those who have held Shenzhen residency for less than eight years is 302 yuan each month while for those who have been a resident of Shenzhen for more than eight years, the pension is 453 yuan each month.

A total of 5,000 yuan will be offered for the insured that passes away. (Wang Jingli)