China Will Raise Retirement Age

China will raise the retirement age, according to a statement from the Communist Party that governs the country. “In accordance with the principles of voluntariness and flexibility, promote, on a permanent and systematic basis, the reform to gradually postpone the retirement age required by law,” was announced by Xinhua News Agency at the end of the Chinese plenum, which lasted several days and ended on July 21. The reforms are expected to be implemented by 2029 and will include more than 300 measures and job creation suitable for older people.

Currently in China, men in urban areas can retire at age 60, and women can retire between 50 and 55, depending on their work. These are the lowest thresholds in developed countries.

The decision was made to ease pressure on pension budgets, which are potentially in crisis, given that life expectancy in China has risen to 78 years in 2021, up from 44 years in 1960, according to Reuters. By 2050, it will exceed 80 years. At the same time, there has been a sharp decline in birth rate, causing an aging population, a decline that has been recorded in the last two years.

CNN reports numerous reactions of discontent on Chinese social media, especially from young people who fear they will have a reduced chance of accessing the world of work if older people stay at work longer.