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China Implements Retirement Age Increase to Address Population Challenges

share-iconThursday, January 02 comment-icon4 weeks ago 10 views
News sources:
newsweekNEWSWEEK
China Implements Retirement Age Increase to Address Population Challenges

Credited from: NEWSWEEK

  • China is raising its statutory retirement ages for the first time in nearly 70 years due to increasing pressure on its pension systems.
  • The move responds to a significant demographic shift, with a declining birth rate and a rapidly growing aging population.
  • Men's retirement age will rise from 60 to 63, while women's retirement age will increase from 55 to 58 for white-collar workers and from 50 to 55 for blue-collar workers.
  • The policy allows for flexibility; workers can retire up to three years early or delay retirement by the same amount based on mutual agreement with employers.
  • The changes will be implemented gradually over 15 years, with projections indicating that those aged 60 and older will increase from 297 million to 400 million by 2035.

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