China plans to raise its retirement age gradually and in phases to cope with China’s aging population, the Global Times newspaper reported, citing a senior expert at China’s Ministry of Human Resources.
China’s National Health Commission expects the number of people aged 60 and over to rise from 280 million to more than 400 million by 2035. Life expectancy has risen from about 44 years in 1960 to 78 years in 2021, higher than in the United States, and is projected to exceed 80 years in 2050.
The number of elderly people in China is increasing day by day. Until now in China, there is only one child per couple. So even though the population rate is decreasing, the number of elderly people is increasing and normal pension costs are starting to increase
Due to this, it is said that the expenditure on providing pension for the elderly after their retirement has increased. Therefore, China is considering a plan to raise the retirement age, said Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences.
Although the Chinese government has not officially announced this, if it does, the retirement age for men will be set at 60, for women office workers at 55, and for women working in factories at 50.
The most important aspect of the reform is that it allows people to choose when to retire according to their circumstances and conditions.