China raises retirement age for the first time in 46 years
For the first time since 1978, the retirement age in China was raised to 63 for men and 58 for women.
China has raised the retirement age for the first time since 1978.
The official Xinhua news agency reported on Friday that the country’s top lawmakers approved a plan to gradually raise the retirement age. Accordingly, China will raise the retirement age for men from 60 to 63 and for women to 58 over the next 15 years. The change is scheduled to take effect on January 1, 2025.
This move is planned to slow the decline in the labor force and support the economy.
The decision follows the ruling Communist Party’s announcement in July that the retirement age would be raised “voluntarily and flexibly”.
While allowing more people to work longer will counter the demographic headwinds affecting the world’s second-largest economy, the decision risks increasing public discontent amid an economic slowdown.
The upper house’s discussion of the plan earlier this week sparked an outburst of anger on social media, with many complaining about the sluggish job market.
China’s retirement age is among the lowest in the world, despite significantly increased life expectancy.
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