China's Retirement Age Increase: Addressing Aging Population and Pension Challenges
China to Gradually Raise Retirement Age
China's top legislative body announced a significant change regarding the retirement age for its citizens. This adjustment is primarily in response to the growing challenges posed by an aging population. With the pension budget under strain, the government seeks to enhance the viability of its retirement systems.
Reasons Behind the Retirement Age Change
- Addressing the aging population
- Sustaining pension systems
- Increasing workforce longevity
This increase in retirement age aims to balance the demographic shifts and safeguard the future of pension funding.
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