China to Gradually Raise Retirement Age Amid Population Decline and Economic Concerns

In 2023, China recorded a population decline for the second consecutive year, raising concerns about its impact on the economy, healthcare sector, and social security system, especially with an aging population and declining birth rates.

According to a new government decision, the legal retirement age will gradually increase, reaching 63 for men, up from the current 60.

For women, the retirement age will rise to between 55 and 58, depending on the type of work.

This change will be implemented starting in 2025 and will be phased in over 15 years. Employees will also have the option to delay retirement if they reach an agreement with their employers.

Additionally, the minimum number of working years required to qualify for a pension will be raised from 15 to 20 years.

Mo Rong, director of the Chinese Academy of Labor and Social Security, told the People’s Daily that raising the retirement age is “an inevitable choice” to maintain workforce stability and ensure continued economic and social development in the country.

source : fesnews madia

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