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China raises retirement age for first time in decades

2024-09-13 16:59:00, Kosova & Bota CNA

China raises retirement age for first time in decades

China will "gradually raise" the retirement age for the first time since the 1950s, as the country faces an aging population and difficulties in securing the pension budget.

The main legislative institution on Friday approved proposals to raise the retirement age from 50 to 55 for women who do physical work and from 55 to 58 for women who do office work.

The retirement age for men will rise from 60 to 63. China's current retirement age is among the lowest in the world.

Under a plan approved on Friday, the changes will take effect on Jan. 1, 2025, with the goal of raising the retirement age by several months over the next 15 years, Chinese state media said.

Starting from 2030, workers will have to share more contributions to the social security system in order to secure their pensions.

The Academy of Social Sciences in China said in 2019 that the state's main pension fund will run out of money by 2035, an estimate made before the outbreak of the coronavirus pandemic, which has hit China's economy hard.

The state agency, Xinhua, has said that the plan to increase the retirement age is based on "estimates carried out on life expectancy, health situation, population structure, education level and labor force in China".

Many residents have expressed dissatisfaction with the new changes.

China's population shrank in 2023, for the second year in a row, largely due to a decline in the birth rate.

Meanwhile, the average life expectancy of a resident of China has increased to 78.2 years, officials said earlier in the year./ Rel





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