A 71-year-old man in central China has discovered more than 420,000 yuan, worth about Rs 61 Lakh, in a pension account he did not know he had. The man, surnamed Ru, had spent 21 years collecting scrap to make a living in Changde, Hunan province. When the balance was checked, it showed 424,204 yuan.
Ru received a bank card linked to his pension account in late September, according to the South China Morning Post .
Because ru had been unaware for decades that he was entitled to a pension, the discovery came as a huge shock.
The South China Morning Post reported that Ru became emotional when he learned about the money. He was laid off during workforce restructuring in the early 2000s and received severance pay. After the money ran out, he fell into financial difficulties and eventually began collecting scrap to survive. He later moved to Changde. At first, Ru did not want to move into temporary accommodation. However, welfare workers provided necessities and offered continued support. He eventually agreed to move into a shelter and gave officials information about his background. Ru had believed he needed to make separate long-term insurance payments to qualify for a pension. When a social worker handed Ru his bank card, he was advised to keep it safe, manage the money carefully and remain alert to telecommunications scams. For a man who had spent more than two decades surviving by collecting discarded materials, the discovery has brought an unexpected financial turning point late in life.
Because he was struggling financially, he could not afford to do so. Ru had previously worked for about 30 years at a state-run shop in Hunan. His situation came to the attention of social welfare workers in the winter of 2024, when staff found him living in an abandoned building. The South China Morning Post reported that officials then discovered that Ru had been eligible for a pension after reaching retirement age in 2015. His pension was estimated at 3,700 yuan a month. Over roughly a decade, the payments had accumulated to more than 420,000 yuan. However, officials explained that part of his salary had already been deducted for insurance during his 30 years working at the state-run shop. Under China’s rules, people who have paid insurance contributions for more than 15 years can qualify for a pension after reaching retirement age.
He said he was extremely happy and never expected such a sum, while thanking social assistance officials and other government departments for helping him.
