On October 1, 2024, China's pension system will complete the dual-track merger. Pensions will be calculated according to the new standard for retirees of government agencies, institutions and enterprises, which means that the pension system will no longer implement a dual-track system. Born between 1954 and 1964Retirees with a 10-year transition periodWill pensions rise or fall in 2024?Pension merger, that is, the implementation of the same basic pension insurance system for the staff of government institutions and institutions as the employees of enterprises. This reform aims to integrate the original pension system of different levels and types to form a unified system, so as to achieve fairness and unity of pension treatment. This move aims to solve the problem of unfairness in China's pension system and improve the level of pension security for retirees. Will pensions for retirees born between 1954 and 1964 increase or decrease?According to the reform plan, workers who retire at different periods are divided into three categories:The first category, the so-called "elderly", refers to those who retired before 2014, which were determined and began to receive benefits according to the original system. Since they were retired at the time of the reform, they were not affected by the reform and continue to receive pensions according to the original standard, which is adjusted normally with the annual adjustment. The second category is "middle people", which refers to:October 2014 to September 2024Transition periodretirementof personneltheir pensionsPensions will be calculated and paid in accordance with a combination of the old and new systems. Specifically, they will first calculate the basic pension amount according to the new system, and then according to the original system. If the new amount is higher than the old amount, the actual pension received will be the old amount plus the difference between the old time and the new time multiplied by a proportional coefficient that increases year by year. If the new amount is lower than the old amount, the pension actually received will be the same as the old amount. This ratio factor has been increased from 10% to 100% year by year to ensure that retirees do not reduce their pensions during the reform process, and may even increase them a little. The third category is the "newcomer".: Retire after October 2024of personnel, subject to the completion of the reform. Their pension is calculated and paid in full under the new system
For the elderly and newcomers, the pension payment can be implemented in accordance with the "old method for the old and the new method for the newcomer". Retirees born between 1954 and 1964 are precisely the so-called "middle people", and those born between 1954 and 1964 fall into the category of "middle people". Will his pension increase or decrease after the pension consolidation in 2024?The answer is: it depends. If the pension calculated according to the new system is higher than the pension calculated according to the old system, the pension is increased;The pension calculated according to the new system is lower than or equal to the pension calculated under the original system, and the pension remains unchanged. The specific increase or change amount needs to be determined according to the individual contribution situation and regional standards. 
Generally speaking, the state has taken into account the interests and needs of all parties when formulating the reform plan, and has made a well-thought-out and reasonable plan. For those born between 1954 and 1964 who are about to retire or have already retired, it is necessary to have a comprehensive understanding of their contributions and the standards in their region in order to effectively cope with the pension consolidation policy. This will allow for better psychological preparation and appropriate arrangements during the transition period. Of course, you should also always pay attention to the developments of relevant policies and official information to ensure that you are aware of your rights and protections in a timely manner. In the face of the reform of the pension system, we need to face it with a rational and positive attitude, resolutely support the country's decision-making and implementation, and be full of confidence in the future.