China is set to gradually raise its official retirement age over the next five years in response to an aging population and a strained pension system. Currently, life expectancy in China has surpassed that of the United States, reaching 78 years, up from just 36 years in 1949 when the Communist Party came to power. However, China's retirement age remains among the lowest globally, standing at 60 for men, 55 for women in office jobs, and 50 for women in manual labor roles.
The proposed increase in retirement age is part of a series of measures endorsed during the recent Third Plenary Session of the Communist Party's Central Committee. The new policy aims to implement these changes gradually and flexibly. While specific details on the new retirement age or timeline have not been disclosed, a report from late 2023 suggests that the age might eventually be raised to 65.
This adjustment has been anticipated for some time due to concerns over the sustainability of China's pension system. A 2019 report from the Chinese Academy of Social Sciences predicted that the primary state pension fund could be depleted by 2035, a forecast made before the economic impact of the COVID-19 pandemic. Additionally, China's population has continued to decline for the second consecutive year in 2023, with decreasing birth rates compounding the issue.
According to the state-run Global Times, demographers believe the planned increase in retirement age underscores the importance of "voluntariness" and "flexibility," reflecting the understanding that retirement policies must be adaptable to diverse individual circumstances.
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