There might be changes in China’s retirement age plan; here’s the reason
There are some changes in China’s retirement age plan due to deal with the aging population.
According to the Global Times, China may gradually raise the retirement age to deal with the country’s rapidly ageing population, citing a senior expert from China’s Ministry of Human Resources.
According to Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, China is looking at a “progressive, flexible, and differentiated path to raising the retirement age,” according to the report.
“People approaching retirement age will only have to postpone retirement for a few months,” the Global Times reported, citing Jin Weigang.
According to the expert, young people may have to work a few years longer, but they will have a long adaptation and also transition period.
“The most important aspect of the reform is that it allows people to choose when they retire based on their circumstances and conditions,” he said, even though China has not formally announced the change.
According to Reuters, the retirement age in China is the lowest in the world, at 60 for men, 55 for white-collar women, as well as 50 for factory workers.
China’s population of 1.4 billion has been declining due to the one-child policy, which limited couples to one kid from 1980 to 2015.
According to Reuters, China’s National Health Commission desires the cohort of people aged 60 and over to grow from 280 million to more than 400 million by 2035.
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