A subsidy program for eldercare services targeting seniors with moderate to severe disabilities has driven 11.5 billion yuan ($1.66 billion) in consumption since its nationwide launch at the start of the year, authorities said on Tuesday.

More than 3.32 million consumption vouchers worth 2.35 billion yuan have been redeemed, benefiting over 1.05 million disabled elderly, Li Banghua, an official at the Ministry of Civil Affairs, told a news conference.

READ MORE: China expands home-based elderly care with subsidies

The figure was still rising, he said.

The program, which followed pilot schemes in selected regions last year, was mandated in the government work report released during the annual meeting of the National People's Congress earlier this month.

READ MORE: Seniors with disabilities to get monthly online vouchers

Li described the initiative as an example of a nationwide "investment in human capital" policy in the service consumption sector.