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What will be the impact on China's GDP growth rate by the end of 2025 due to the new retirement age policy?
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China Approves First Retirement Age Hike Since 1950s, Effective 2025
Sep 13, 2024, 06:32 AM
China's top legislative body has approved a draft proposal to raise the country's statutory retirement age, marking the first significant adjustment since the 1950s. 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 rise from 50-55 to 55-58, depending on their occupation, including white collar and blue collar workers. This move aims to address the challenges posed by an aging population and a shrinking workforce, which have been exacerbated by economic pressures. The decision follows a review by the National People's Congress and aligns with the government's broader efforts to support economic stability and demographic sustainability.
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