Media reports China declaring piercing increase in retirement age
Date
9/17/2024 8:29:35 AM
(MENAFN) In a significant policy shift aimed at addressing the challenges posed by an aging demographic, the Chinese government has announced a substantial increase in the retirement age. The new policy, approved on Friday by the Standing Committee of the National People’s Congress, marks China’s first major adjustment to retirement ages since 1978.
Under the new plan, which will be phased in over the next 15 years starting January 2025, the retirement age for men will rise from 60 to 63. For female office workers, the retirement age will be adjusted from 55 to 58. Additionally, female blue-collar workers, who previously could retire at 50, will now face a new retirement age of 55.
The decision to raise the retirement age is driven by the need to adapt to China’s evolving demographic landscape and to maximize the utilization of human resources. The policy aims to reflect improvements in life expectancy, education, and healthcare, which have significantly changed since the last adjustment in retirement ages.
China’s Minister of Human Resources and Social Security, Wang Xiaoping, emphasized that the implementation of the new retirement ages will be flexible and voluntary. Employees will have the option to retire earlier or extend their working years by up to three additional years, depending on their personal circumstances and preferences.
The new policy responds to the country's increasing life expectancy, which has risen to 78 years as of 2023, compared to about 44 years in 1960. Life expectancy is projected to surpass 80 years by 2050. The adjustments are intended to align with these demographic trends, as well as extended years of schooling and advancements in healthcare.
Previous attempts to reform the retirement age have faced public resistance, but this latest measure reflects a broader effort to address the economic and social impacts of a growing elderly population. As China navigates these demographic challenges, the new retirement age policy represents a critical step in reshaping the nation’s approach to workforce management and social security.
MENAFN17092024000045015687ID1108682632
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.