Working-Age Population Impacts China’s Retirement Age Policy Change
Working-Age Population and Retirement Age Hike
In a significant move, the Chinese government has approved a plan to gradually raise the retirement age, addressing challenges related to the aging population. This change marks the first adjustment since the 1950s and is crucial for sustaining the social safety net.
Details of the Retirement Age Adjustment
- Men: Incremental rise from 60 to 63 by 2040.
- Women in white-collar positions: Retiring at 58, up from 55.
- Women in blue-collar jobs: Adjusted retirement from 50 to 55.
During a recent news conference, Wang Xiaoping, China’s Minister of Human Resources and Social Security, defended the necessity of this policy shift.
The Implications of an Aging Population
This retirement age hike is positioned as a key strategy to bolster the pension funds while accommodating the growing working-age population.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.