Urban and rural pension insurance had covered 486 million Chinese people as of the end of April, an official with the Ministry of Human Resources and Social Security said on May 26.

As many as 133 million elderly people are receiving monthly pensions, according to Liu Conglong, Deputy Director of the ministry's Rural Pension Department.

The government kicked off a rural pension pilot program in 2009 and announced a pilot social pension insurance program for urban residents in 2011.

With sponsorship from the government, rural residents over the age of 60 can receive monthly endowments that are proportionate to local income standards.

The payment for the insurance comprises two different parts: basic insurance, which is fully provided by the government, and the personal pension account, which is paid by rural residents themselves.