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xinhua news agency, beijing, september 13 (reporters huang yao and ye haoming) the decision of the standing committee of the national people's congress on the implementation of a gradual delay in the statutory retirement age, announced on the 13th, will gradually increase the minimum payment period for employees to receive basic pensions from 15 years to 20 years starting from 2030. why is this adjustment made? how is it arranged specifically? qi tao, director of the pension insurance department of the ministry of human resources and social security, answered questions at the "china economic roundtable" large-scale all-media interview program launched by xinhua news agency on the 13th.

"at present, the state stipulates that there are two conditions for receiving basic pension: reaching the statutory retirement age and satisfying the minimum payment period of 15 years. with the delay of the statutory retirement age, the reform measures have also made corresponding adjustments to the minimum payment period for receiving pensions, gradually increasing it from the current 15 years to 20 years." qi tao said.

the reform measures specifically set up a five-year buffer period. the minimum contribution period for employees retiring between 2025 and 2029 will remain unchanged at 15 years.

"some employees who have paid contributions for around 15 years are approaching retirement. the establishment of a five-year buffer period can reduce the impact on them." qi tao said that for employees retiring after 2030, the minimum contribution period will not be increased to 20 years all at once, but will be adjusted in small steps, increasing by 6 months each year, to make it easier for employees who have not yet reached the minimum contribution period to make insurance arrangements in advance.

"increasing the minimum payment period is also beneficial to individuals." zheng bingwen, director of the world social security research center of the chinese academy of social sciences, said that my country's basic pension for employee pension insurance consists of basic pension and personal account pension. among them, the calculation base of the basic pension is linked to the individual's payment wage level, and 1 percentage point is added for each full year of payment. the more you pay, the more you get, and the longer you pay, the more you get.

the personal account pension is calculated by dividing the personal account balance formed by personal contributions and interest by the number of payment months stipulated by the state. the earlier the retirement age, the greater the number of payment months. zheng bingwen said that if you retire one year later and pay one more year, the personal account balance will be more, the corresponding number of payment months will be smaller, and the calculated personal account pension will be higher, and the later you retire, the more you will get.

"after delaying retirement, as the payment period increases, the basic pension and personal account pension will increase accordingly, which can provide better protection for life after retirement." zheng bingwen said.