China will raise its retirement age starting next year, increasing it gradually over 15 years to address its ageing population and shrinking workforce. This long-anticipated move is meant to relieve pressure on the pension system as the number of retirees continues to rise, straining resources.
- The current retirement age is 60 for men, 50 for women in blue-collar jobs, and 55 for women in white-collar jobs.
- The new policy increases the retirement age to 63 for men and 55 or 58 for women based on their roles.
- China’s elderly population is projected to hit 400 million by 2035, placing a heavy burden on younger workers.
The move has sparked a range of reactions, from concerns over lost “play time” to support for aligning with global standards. However, experts warn that this necessary reform will bring short-term challenges, especially with high youth unemployment and a struggling economy.
As China navigates these demographic pressures, the nation faces the difficult task of balancing social security reforms with the needs of its workforce.
