In 2023, the adjustment ratio of basic pension will be 3.8%. We must make it clear that this so-called 3.8% refers to the average level of pension for employees in the whole society in 2022 last year. Adjusting the pension according to this standard will not exceed the upper limit of 3.8%.

All regions in China need to formulate and complete the local pension adjustment rules before May 3, 20231,and report them to Ministry of Human Resources and Social Security and relevant departments for the record. This means that from June 1 day, 2023, all regions of the country will announce the detailed rules for pension adjustment in 2023, and the adjustment and replacement of pensions will be implemented simultaneously. It is expected that the pension adjustment plan for Jiangsu in 2023 will be announced in June and July.