China announced plans to gradually raise its statutory retirement age in response to an impending demographic crisis. With a declining birth rate and an increasingly aging population, policymakers are taking action to address potential economic and social impacts. The retirement age for male workers will increase from 60 to 63 years, while women’s retirement age will be raised from 50 or 55 to 55 and 58, depending on the job type. These changes will be implemented over a 15-year period starting in 2025.
In addition to raising the retirement age, the minimum years of basic pension contributions required for monthly benefits will also increase. Chinese citizens will have the option to delay retirement further by reaching agreements with their employers. These decisions were based on factors such as life expectancy, population demographics, education levels, and workforce availability in China.
‘Raise efficiency’
State media has endorsed the retirement age adjustments, citing the need to adapt to changing population dynamics. Chinese internet users have expressed mixed reactions to the news, with some accepting the changes and others expressing concerns about the impact on younger generations. Despite some pushback, the government’s decision to raise the retirement age reflects a strategic response to demographic challenges.