Victoria University’s Dr Peng notes that while raising the retirement years is one alternative to China’s socioeconomic problems, it is not a long-term repair.  ,
She said,” The Chinese government also needs to raise the country’s reproduction rate to solve the problem in the long run.” It is essential to rely on technology to improve and improve the quality of the labor power.
The increase in social security rewards is not a problem that affects China only. Related circumstances have recently occurred in nations like the US and France, according to Dr. Tan Ern Ser, Associate Professor of Sociology at NUS.  ,
According to him, these countries also deal with the economic viability of their social protection systems in the face of declining population.  ,
” This has to do with the rapidly ageing population, along with declining amounts of younger people contributing to social surveillance”, Dr Tan added.  ,
The state-run Chinese Academy of Sciences has said in 2019 that the pension system will run out of money by 2035 if there’s no more transformation, with about a fourth of the country’s provincial-level areas running income budget shortfalls, according to fund government information.
” If the pension age is no extended, resources may work out in the near future, state in a decade, and social security may not be able to fulfill its commitments. Extending the retirement age would slow down that process” . ,
According to Mr. Mo Rong, the mind of the Chinese Academy of Labor and Social Security, who spoke with People’s Daily, the decision was made to advertise job while also promoting rights and interests, as well as work to promote a fairer work atmosphere.
This is the first time our nation has established strict laws protecting the rights and passions of over-age employees. It will address issues like the previous ability to apply the security of the rights and interests of over-age employees, according to Mr. Mo.  ,
A moderate increase in the labor supply will be the quick result, according to Dr. Peng, starting in January 2025. Although the raise is “very small,” this will help to offset the negative effects of a declining labor caused by population ageing.
In the next 10 times, about 300 million people now aged 50 to 60- China’s largest statistical team- are set to leave the workplace at a time when income budgets are now stretched.  ,
They may not have a job, despite the report number of 11.7 million college graduates who are scheduled to graduate this time. Data from the country’s data ministry in August showed that the jobless rate for 16 to 24-year-olds in China, excluding individuals, rose to 17.1 per share in July from 13.2 per share in the previous month.
Additionally, the policy is anticipated to ease pressure on China’s overburdened pension system, she said, as it reduces the number of new retirees and increases contributions from older workers who work longer, she said.  ,
Despite this urgency, Dr Zhao acknowledges the delicate timing of the policy’s rollout, given the current economic environment.  ,
Dr. Zhao argued that there would be less concern about the policy’s impact on employment opportunities in a more favorable job market, saying:” High youth unemployment makes it difficult to argue for the postponement of the retirement age.
There would be less concern about the proposal if youth unemployment were low. People are now concerned that if the retirement age is raised, the employment situation will worsen.
However, China must take action, and it would be wiser to do it now.