China plans to gradually raise its legal retirement age, one of the lowest in the world.
The reform is considered urgent, as life expectancy in China rose to 78 years in 2021 – from around 44 in 1960 – surpassing that of the US, and by 2050 it is expected to exceed 80 years.
Government reforms
Along with yesterday’s announcement about increasing the retirement age, the government’s plans were also announced to reinforce a strategy to combat the decline in the birth rate and the aging of the population, which for the second consecutive year fell even further in 2023, the same time it has fallen the most in decades.
The reforms scheduled for completion in 2029.
Today, the retirement age is 60 for men – five to six years lower than in most developed economies – while it is 55 for women working in offices and 50 for women working in factories.
Authorities have announced their intention to increase the funding cap over the past two years, but this change will be the first time workers will be able to choose to continue working.
Health authorities expect the total number of workers aged 60 and over to rise from 280 million to more than 400 by 2035 – equivalent to the total populations of Britain and the US combined.
Sources: AMPE, Reuters