China announced it will gradually raise the retirement age over the next five years to address its ageing population and stressed pension system.
As per BBC, life expectancy in China has increased to 78 years, yet the retirement age remains low at 60 for men, 55 for white-collar women, and 50 for working-class women.
The decision was part of the resolutions from the recent Third Plenum meeting of the Communist Party.
While, specific details were not provided, a report suggests the retirement age could eventually be set at 65.
As per the outlet, China’s main state pension fund is projected to run out of money by 2035, exacerbated by the economic impact of COVID-19.
Additionally, the population has declined for the second consecutive year in 2023 due to a falling birth rate.
The plan emphasises flexibility and voluntary participation, but it has received mixed reactions online.
Some worry about job security and delayed pension access, reflecting broader concerns about the implementation and impact of the new policy.
