National Telescope national telescope newspaper
On Friday, China announced plans to gradually raise its statutory retirement age, according to Xinhua, the state news agency.
This move comes as the country grapples with a demographic crisis and an aging population.
The retirement age for male workers will be progressively extended from 60 to 63 years, while female workers will see their retirement age increase from 50 or 55 years to 55 and 58 years, respectively, depending on their job type.
The gradual increase will start in 2025 and will be implemented over a 15-year period.
By 2030, the minimum number of years required for basic pension contributions to qualify for monthly benefits will also rise from 15 to 20 years, with the adjustment occurring at a rate of six months annually.
Additionally, the new rules will offer the option for individuals to postpone their retirement further if agreed upon with their employers.
A report by the International Labour Organisation (ILO), published in June 2020, referenced a new law passed by China’s National Assembly in November 2019.
This legislation, the result of extensive consultations with experts and public stakeholders, was set to take effect in January 2021.
Under this legislation, the retirement age for male workers will incrementally increase from 60 to 62 years and 3 months over a 7-year transition period, with full implementation anticipated by 2028.
For female workers, the retirement age will rise from 55 to 60 years and 4 months over a 14-year transition period, with full implementation expected by 2035.
