The two separate pension insurance mechanisms in urban and rural districts of Pingtan county have been consolidated, according to a document issued by the local rural social insurance management center.

The new policy means a uniform standard in pension insurance for urban and rural residents, which will benefit rural people, who have been lagging behind in pensions.

All people above the age of 16 who do not have employee pension insurance can sign up for the urban and rural resident social pension insurance. They will get a monthly annuity after reaching 60.

The basic annuity has been raised from 80 yuan ($12.8) a month to 110 yuan, according to the new rules.

In addition, a tiered premium mechanism is introduced. People can choose to pay from 100 to 2,000 yuan every year into pension fees. The more they pay the more they will get after retirement.

The government also provides subsidies for all the insured, ranging from 30 to 100 yuan every year, depending on which level the person is on the tiered system. People with 15 years or more in the insurance system will get a bonus, which is 5 yuan for every additional year.

The government will also cover parts or even the whole of the social insurance fees for poor groups and disabled people.

Other types of subsidies are offered for couples who have their first child at a later age, 45-59, and farmers who lose property in a land acquisition program, according to the rules.