China Considers Raising Retirement Age to Address Ageing Population and Pension Crisis
China's top legislative body, the National People's Congress, is reviewing a proposal to gradually increase the retirement age, according to the South China Morning Post. This follows the Chinese Communist Party's Central Committee's earlier indication of its intention to lift the statutory retirement age.
Currently, the retirement age for men in urban areas is 60, while for women it is 50 in blue-collar jobs and 55 in white-collar jobs. This retirement age, in place since 1951, is among the lowest in the world.
Lawmakers discussed a "draft decision on the implementation of a gradual increase in the mandatory retirement age" submitted by the State Council, China's cabinet. The draft plan has not yet been made public.
This move comes as China grapples with a rapidly ageing population and a severe pension funding crisis. In July, the government expressed its intent to raise the retirement age in a "voluntary and flexible" way. However, this plan received backlash from citizens.
The Communist Party, during its Third Plenum in July, stated that it would "steadily and orderly advance the reform of progressively delaying the statutory retirement age" based on principles of voluntariness and flexibility. The party had previously acknowledged the need to "study and formulate" a policy to delay the retirement age in its 2013 plenum.