China considers raising retirement age due to shrinking workforce

China is considering delaying the retirement age for state employees due to a shrinking workforce and an increasing aging population. The current retirement age in China is among the lowest globally, with men retiring at 60 and women as early as 50. The proposal to gradually increase the retirement age was discussed at the National People’s Congress to address the challenges posed by an aging population.

With the proportion of the working-age population dropping to 61% and life expectancy increasing, China is facing demographic challenges. By 2050, 31% of the population is projected to be over 65 years old. The gradual implementation of the retirement age policy aims to mitigate the impact on the labor market and ease pressure on pension budgets.

This move reflects the need for China to adapt to changing demographics and ensure the sustainability of its social security systems. As the country grapples with a declining population, adjusting retirement age policies could help stabilize the economy and support an aging population in the long run.

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