The State Council said on June 1 a new pension program will be launched in July to benefit unemployed urban residents.

The social pension system will be implemented in 60 percent of China's cities and townships by the end of this year before being introduced nationwide next year. All unemployed urban residents over the age of 16, excluding students, are eligible for the program.

Insured residents over the age of 60 will be able to receive a basic monthly pension of at least 55 yuan ($8.46) after paying fees to join the program. Other qualified urban residents over the age of 60 will receive monthly endowments of varying amounts according to price fluctuations and the economic status of the areas they live in.