BREAKING NEWS
China raises retirement age by 5 years amid growing pressure of ageing population
In a major move aimed at tackling the country’s rapidly ageing population, the Chinese government has announced that it will raise the retirement age for workers by five years, starting from 2025.
According to a statement released by the Ministry of Human Resources and Social Security, the change is designed to address the pressing issue of an increasingly ageing workforce, which poses significant challenges to the country’s economic and social sustainability.
As of 2025, the retirement age for both men and women will increase to 62, from the current ages of 57 and 55 respectively. The revised retirement age is expected to apply to workers born from 1962 onwards, with older workers being unaffected.
The decision comes at a time when China’s population is rapidly ageing. According to official statistics, the number of people above the age of 65 is expected to reach 243 million by 2035, accounting for more than 18% of the total population.
Economists have long been warning of the potential negative impacts of an ageing workforce on China’s economy, including decreased labor productivity, increased pension and healthcare burdens, and reduced economic growth.
Key points
- Retirement age for men and women to increase by 5 years to 62 from 2025
- Workers born from 1962 onwards will be affected by the change
- Move aimed at tackling China’s rapidly ageing population and workforce
- Numbers of people above 65 expected to reach 243 million by 2035, accounting for 18% of total population
- Decision expected to improve economic sustainability and reduce labor costs for employers
SEO tags
- Retirement age in China
- Ageing population in China
- China’s pension system
- China’s workforce demographics
- Demographic changes in China
- Chinese economy
- Labour productivity in China
- Ageing workforce China
- Pension reform China
- Healthcare in China
- China’s economy growth
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