China announced on Friday its plan to progressively increase the statutory retirement age, as reported by state-run Xinhua, to address the challenges posed by its aging population and impending demographic issues. According to the decision shared by Beijing authorities, the retirement age for men will be gradually raised from the current 60 years to 63 years.
For women, retirement will depend on their job classification, with the age being extended from either 50 or 55 years to 55 and 58 years, respectively. This adjustment will take place over a 15-year span, starting in 2025, according to state media.
Additionally, from 2030, the required minimum number of years for pension contributions to qualify for monthly payouts will increase incrementally from 15 years to 20 years, at a rate of six months per year, Xinhua noted. The revised regulations will also permit individuals to negotiate delayed retirement beyond the statutory age if they reach an agreement with their employer.
The International Labour Organization (ILO), in a June 2020 report, highlighted new legislation enacted by China’s National Assembly in November 2019. The law, crafted with input from experts, national and local stakeholders, and the public, is set to take effect in January 2021.
For male workers, the retirement age will be raised gradually, moving from 60 to 62 years and 3 months, with a transition period of seven years. This change is expected to be fully implemented by 2028. Meanwhile, female workers will see their retirement age increase from 55 to 60 years and 4 months, with a longer transition period of 14 years, concluding by 2035.
AFP
