According to the "Guiding Opinions of the State Council on Carrying out the Pilot Program of New Rural Social Old-age Insurance", the basic principles of the new rural insurance (NRI) pilot program are "to ensure the basic, wide coverage, flexible and sustainable". The state will establish a personal pension account with lifelong records for each NRI participant. The pension benefits consist of basic pension and individual account pension, payable for life. The central government determines a basic pension of 55 yuan per person per month, and grants full subsidies according to the standard of basic pensions determined by the central government in the central and western regions, and provides 50% subsidies to eastern regions. Local governments can adjust the amount based on actual conditions...