The official Xinhua news agency reported on Friday ( Sep 13 ) that China’s top legislative body had approved a draft proposal to raise the country’s retirement age, accelerating a transition toward changing decades-old labor laws and easing economic pressures brought on by a shrinking workforce.
China may increase the men’s retirement age to 63 as of January 1, 2025.
It will increase to 58 for people working in white collar jobs, while 55 for people in factories will be the minimum age for retirement.
China announced in July that it would gradually raise the retirement age to lessen the strain on pension funds because some regions are already suffering from significant deficits.
The recent retirement time is 60 for people, about six times below that in most developed markets, while for ladies in white-collar job, it is 55, and 50 for women who work in companies.
Life expectancy in China will increase from around 44 times in 1960 to 78 by 2021, and it is anticipated to reach 80 by 2050.
China’s populace has fallen for two consecutive years, and it is expected to continue falling for ages, adding stress to a community that is quickly aging.
By 2035, the population of Britain and the United States will be identical to the combined population of both countries, with the population expected to increase from 280 million to more than 400 million by 2035.