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What will be the impact of the new retirement age policy on China's pension system by the end of 2025?
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Reports from the National Bureau of Statistics of China or other reputable economic research organizations
Story
China Approves Plan to Raise Retirement Age Starting January 2025
Sep 13, 2024, 08:50 AM
China's top legislative body has approved a draft proposal to raise the retirement age for the first time since 1978. The new policy, set to take effect on January 1, 2025, will gradually increase the retirement age for men from 60 to 63 over 15 years. For women, the retirement age will be raised from 50-55 to 55-58, depending on their occupation, with white-collar workers retiring at 58 and blue-collar workers at 55. This significant policy shift aims to address challenges posed by an aging population and a shrinking workforce. The decision was adopted at the 11th session of the Standing Committee of the 14th National People's Congress. The move is expected to support the economy by slowing the decline in the labor force and easing pressure on the pension system.
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