China to Raise Retirement Age
China's legislature has approved a plan to gradually raise the retirement age, starting in 2025, in response to an aging population and declining workforce. The retirement age for men will increase to 63 and for women to 55 or 58, depending on their job type.
| Score | Value |
|---|---|
Scale | 8 |
Novelty | 7 |
Positivity | 5 |
Reliability | 8 |
Actionability | 2 |
Society | 7 |
Journalism | 4 |
Highlights
- China's legislature has approved a draft proposal to raise the retirement age for the first time since the 1950s.
- The retirement age for men will increase from 60 to 63, and for women from 50/55 to 55/58, starting January 1, 2025.
- The changes will be implemented gradually over a period of 15 years.
- China's working-age population has been declining since 2012, with 297 million people over 60 years old as of last year.
- The pension fund is projected to run out of money by 2035 if no reforms are made.
Perspectives
- Many citizens express dissatisfaction with the decision to raise the retirement age, fearing increased competition for jobs and delayed access to pensions, especially amid high youth unemployment and economic challenges. [11][18][19][27]
- Some economists and officials argue that raising the retirement age is a necessary reform to address demographic challenges and ensure the sustainability of the pension system, despite potential public backlash. [9][12][29][31]