China has announced its first increase in the retirement age since the 1950s as it grapples with an aging population and a shrinking pension budget, the BBC reported on Friday.
Approved by the country’s top legislative body, the changes will raise the retirement age for women in blue-collar jobs from 50 to 55 and for white-collar women from 55 to 58. Men’s retirement age will increase from 60 to 63.
The reforms, set to begin on January 1, 2025, will be implemented gradually over 15 years, with retirement ages rising every few months. Workers will not be permitted to retire before the statutory age, though they may delay retirement by up to three years.
Starting in 2030, workers will also need to contribute more to the social security system, and by 2039, 20 years of contributions will be required to access pensions.
The decision comes in response to China’s looming demographic crisis, which includes a shrinking workforce, rising life expectancy, and the projected depletion of the country’s pension fund by 2035.
However, the announcement has sparked mixed reactions online, with some expressing dissatisfaction over delayed retirements amid job insecurity, while others see the move as inevitable, in line with global trends.
