2024-09-15 01:05:28
On Friday, the Standing Committee of the Chinese National People’s Congress (NPC) approved a decision to gradually raise the retirement age. For men, it increases from 60 to 63 years over 15 years, while for women – from 55 to 58 years and from 50 to 55 years for those doing physical work. The new rule takes effect on January 1, 2025, Radio China reported
From 2030, the minimum years of payment of the basic contribution required to receive monthly pensions will be gradually increased from 15 years to 20 years with a growth rate of six months per year.
People will be able to take voluntary retirement no more than three years in advance after reaching the minimum years in which they have paid pension contributions. However, they are not allowed to retire earlier than the previous legal age.
The new scheme also allows retirement to be postponed to an even later date if an agreement is reached with the employer, but this delay must not be longer than three years.
The decision also includes specific provisions on social welfare for unemployed older workers and on earlier retirement for those in special occupations.