China announces temporary guidelines for adjustable retirement scheme
China has introduced interim measures aimed at establishing a more flexible retirement system.
TroibNews 
On Wednesday, China introduced interim measures aimed at implementing a more flexible retirement system to support its recently adopted plan for gradually increasing the statutory retirement age.
These measures outline the process for applying for flexible retirement and detail the requirements necessary to receive basic pensions, among other specifics.
Under the new guidelines, the statutory retirement age for men will incrementally rise from 60 to 63 over a span of 15 years, beginning on January 1, 2025. For female cadres, the retirement age will increase from 55 to 58, while female blue-collar workers will see an adjustment from 50 to 55.
Beginning in 2030, the minimum number of years required for basic pension contributions will gradually go up from 15 to 20 years, with an increase of six months each year.
The measures also allow individuals to voluntarily retire up to three years early once they have met the minimum pension contributions. However, retiring earlier than the prior statutory age is not permitted.
Additionally, the new regulations enable individuals to postpone their retirement if they reach an agreement with their employers, although such a delay cannot exceed three years.
"Our country's pension structure includes the basic pension insurance system and their private pension accounts. If people retire a year later, the average social salary will be higher, the payment period will be longer, and the pensions will be higher," stated Zhang Yi, a professor from the School of Public Economics and Management at Shanghai University of Finance and Economics.
"A flexible retirement system gives people greater choice to choose the retirement time based on their own needs, willingness to work, physical conditions, family circumstances and corporate needs," the professor emphasized.
Navid Kalantari contributed to this report for TROIB News
These measures outline the process for applying for flexible retirement and detail the requirements necessary to receive basic pensions, among other specifics.
Under the new guidelines, the statutory retirement age for men will incrementally rise from 60 to 63 over a span of 15 years, beginning on January 1, 2025. For female cadres, the retirement age will increase from 55 to 58, while female blue-collar workers will see an adjustment from 50 to 55.
Beginning in 2030, the minimum number of years required for basic pension contributions will gradually go up from 15 to 20 years, with an increase of six months each year.
The measures also allow individuals to voluntarily retire up to three years early once they have met the minimum pension contributions. However, retiring earlier than the prior statutory age is not permitted.
Additionally, the new regulations enable individuals to postpone their retirement if they reach an agreement with their employers, although such a delay cannot exceed three years.
"Our country's pension structure includes the basic pension insurance system and their private pension accounts. If people retire a year later, the average social salary will be higher, the payment period will be longer, and the pensions will be higher," stated Zhang Yi, a professor from the School of Public Economics and Management at Shanghai University of Finance and Economics.
"A flexible retirement system gives people greater choice to choose the retirement time based on their own needs, willingness to work, physical conditions, family circumstances and corporate needs," the professor emphasized.
Navid Kalantari contributed to this report for TROIB News
