China to raise retirement age as population gets older
China plans to raise retirement age gradually in 5 years due to aging population and pension strain. Proposed final target is 65 years. Concerns arise over job security and pension access delay.
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China plans to gradually increase its statutory retirement age in the next five years to address its aging population and strained pension system. Despite a rise in life expectancy to 78 years, the retirement age remains low at 60 for men, 55 for white-collar women, and 50 for working-class women. The reform is part of resolutions adopted at a Communist party meeting, aiming for voluntary participation and flexibility in retirement decisions. While specifics on the new retirement age are not yet defined, a report suggests 65 years could be the final target. With concerns over the sustainability of the pension fund by 2035 and a declining birth rate, the move aims to balance the growing number of pensioners with available resources. However, the plan has faced skepticism online, with concerns about job security and delayed access to pensions. The government emphasizes the need for adaptable policies recognizing diverse retirement needs.
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