China to raise statutory retirement age

[KARAH RUCKER]

CHINA CURRENTLY HAS ONE OF THE LOWEST RETIREMENT AGES IN THE WORLD – BUT THAT’S CHANGING WITHIN THE NEXT 5 YEARS.

RIGHT NOW – THE STATUTORY RETIREMENT AGE IN CHINA IS 60 FOR MEN… AND 50 TO 55 FOR WOMEN, DEPENDING ON THEIR JOB. 

WHILE THE GOVERNMENT HAS NOT YET SAID EXACTLY WHAT THE NEW RETIREMENT AGES WILL BE – THE PLAN IS ALREADY BEING MET WITH BACKLASH.

THEY ALSO SAID RETIRING AT THE LATER AGE WILL BE “VOLUNTARY” AND “FLEXIBLE”. 

THIS COMES AS CHINA CONTINUES TO STRUGGLE WITH A DECLINING BIRTH RATE… AGING POPULATION… AND A PENSION SYSTEM THAT’S RUNNING OUT OF MONEY. 

MANY SAY THE NEED FOR REFORM IS DIRE. 

CHINA’S LIFE EXPECTANCY ROSE TO 78 YEARS BY 20-21… FROM ABOUT 44 YEARS IN 19-60, – AND IS PROJECTED TO EXCEED 80 YEARS BY 20-50. 

AND NATIONAL HEALTH AUTHORITIES EXPECT THE NUMBER OF PEOPLE LIVING IN CHINA WHO ARE 60 AND OLDER – TO RISE FROM 280 MILLION TO MORE THAN 400 MILLION BY 20-35. 

THAT’S EQUIVALENT OF THE ENTIRE CURRENT POPULATIONS OF BRITAIN AND THE UNITED STATES COMBINED.