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The policy change will be carried out over 15 years, with the retirement age for men raised to 63 years, and for women to 55 or 58 years depending on their jobs. (AP/File photo)China has decided to “gradually raise” its retirement age for the first time since the 1950s, as the nation grapples with an ageing population and a shrinking pension budget. The top legislative body approved proposals to increase the statutory retirement age for women in blue-collar jobs from 50 to 55, and for women in white-collar roles from 55 to 58. For men, the retirement age will rise from 60 to 63.
China currently has some of the lowest retirement ages globally. The new plan, which was passed on Friday, will take effect from 1 January 2025, with the retirement ages increasing incrementally every few months over the next 15 years, according to Chinese state media.
As per state news agency Xinhua, retiring before the statutory age will be prohibited, though individuals can choose to delay their retirement by up to three years. Additionally, starting in 2030, employees will be required to make larger contributions to the social security system in order to receive pensions. By 2039, workers will need to have 20 years of contributions to qualify for their pensions.
The plan also outlined initiatives to create more employment and entrepreneurship opportunities for young people, protect the rights of freelancers and the unemployed, and improve systems for senior care and childcare.
Wang Xiaoping, the minister of human resources and social security, explained that these changes were essential because the current retirement plan, established in the 1950s, no longer aligns with China’s modern economic, social, and demographic landscape.
“The new plan can help us better use human resources, effectively increase our labour force, and satisfy people’s diverse needs for more work or private lives,” she said.
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