China to raise statutory retirement age

Jul 23

Lauren Taylor Anchor

By Lauren Taylor (Anchor), Shea Taylor (Producer), Jake Maslo (Video Editor)

China currently has one of the lowest retirement ages in the world, but that’s changing within the next five 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. The government also said retiring at the later age will be “voluntary and flexible.”

Download the SAN app today to stay up-to-date with Unbiased. Straight Facts™.

Point phone camera here

This comes as China continues to struggle with a declining birth rate, aging population and a pension system that is running out of money. Many say the need for reform is dire.

To actively address an aging population and promote the development of pension and elderly care industries, China has adopted a resolution to advance reform to gradually raise the retirement age in a prudent and orderly manner based on the principle of voluntary participation… pic.twitter.com/D2q0NajOpt
— Global Times (@globaltimesnews) July 22, 2024

China’s life expectancy rose to 78 years by 2021 from about 44 years in 1960 and is projected to exceed 80 years by 2050. 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 2035. That is an equivalent of the entire current populations of Britain and the United States combined.

Tags: China, Jobs, Retirement, 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.