China declares significant increase in retirement age, reports say
According to media reports, the policy change—the first in over 40 years—may alleviate some pressure on the pension system. Read Full Article at RT.com.
TroibNews 
The Chinese government has reportedly approved a plan to increase the retirement age as part of efforts to tackle the challenges posed by an aging population. Currently, China has some of the lowest retirement ages globally.
Local media indicated that the Standing Committee of the National People’s Congress passed the new policy on Friday. The retirement age will be raised over a period of 15 years starting in January. For men, the retirement age will increase from 60 to 63, while female office workers’ retirement age will go up from 55 to 58. Female blue-collar workers, who could previously retire at 50, will now have to wait until they are 55.
This increase is intended to “adapt to the new situation of demographic development in China, and fully developing and utilizing human resources,” according to the committee.
Wang Xiaoping, China’s minister of human resources and social security, stated on Friday that the implementation would be flexible and voluntary. Employees will have the option to retire earlier or to extend their retirement by up to three years.
This adjustment marks the first alteration of the retirement age in China since 1978 and reflects improvements in average life expectancy, education duration, the current population structure, and healthcare advancements, as reported by the committee.
Life expectancy in China has risen to 78 as of 2023, compared to about 44 in 1960, and it is projected to exceed 80 by 2050.
Policymakers have been contemplating changes to the retirement age for some time, but past attempts faced significant public resistance.
In addition, this move is expected to support the economy by mitigating the effects of a shrinking workforce. Official data indicate that the working-age population in the country has declined by 40 million over the past decade, reaching 879 million in 2020.
According to the Chinese Academy of Sciences, the country’s pension system may face insolvency by 2035. Raising the retirement age could alleviate some of this financial pressure by postponing benefit payouts, various media outlets reported.
“This is happening everywhere,” remarked Yanzhong Huang, a senior fellow for global health at the Council on Foreign Relations, speaking to AP. “But in China with its large elderly population, the challenge is much larger,” he emphasized.
Lucas Dupont contributed to this report for TROIB News
Local media indicated that the Standing Committee of the National People’s Congress passed the new policy on Friday. The retirement age will be raised over a period of 15 years starting in January. For men, the retirement age will increase from 60 to 63, while female office workers’ retirement age will go up from 55 to 58. Female blue-collar workers, who could previously retire at 50, will now have to wait until they are 55.
This increase is intended to “adapt to the new situation of demographic development in China, and fully developing and utilizing human resources,” according to the committee.
Wang Xiaoping, China’s minister of human resources and social security, stated on Friday that the implementation would be flexible and voluntary. Employees will have the option to retire earlier or to extend their retirement by up to three years.
This adjustment marks the first alteration of the retirement age in China since 1978 and reflects improvements in average life expectancy, education duration, the current population structure, and healthcare advancements, as reported by the committee.
Life expectancy in China has risen to 78 as of 2023, compared to about 44 in 1960, and it is projected to exceed 80 by 2050.
Policymakers have been contemplating changes to the retirement age for some time, but past attempts faced significant public resistance.
In addition, this move is expected to support the economy by mitigating the effects of a shrinking workforce. Official data indicate that the working-age population in the country has declined by 40 million over the past decade, reaching 879 million in 2020.
According to the Chinese Academy of Sciences, the country’s pension system may face insolvency by 2035. Raising the retirement age could alleviate some of this financial pressure by postponing benefit payouts, various media outlets reported.
“This is happening everywhere,” remarked Yanzhong Huang, a senior fellow for global health at the Council on Foreign Relations, speaking to AP. “But in China with its large elderly population, the challenge is much larger,” he emphasized.
Lucas Dupont contributed to this report for TROIB News
