Authorities in Beijing have announced a 10-percent rise in pension payments for business retirees this year, which will benefit almost 2 million people.

The per capita monthly pension subsidies will reach 2,510 yuan (398 U.S. dollars) after the hike, or 230 yuan more than that of last year, said Sun Yan, deputy director of the Beijing Municipal Bureau of Human Resources and Social Security.

It is the 20th straight year for local authorities to increase the pension payments for retirees, Sun said.

Those business retirees who were once senior professional, technical personnel or ex-servicemen will get more funds according to the latest hike policy, he said.