China increases the retirement age.
According to France 24, the impending population crisis in China prompted the country’s authorities to increase the retirement age.
Hundreds of millions of people in China will enter old age in the coming decades, while the birth rate in this country has also decreased significantly.
China’s population will decline for the second year in a row in 2023, and policymakers and experts have warned about the severe effects of this population decline on economic structure, health services, and social welfare.
The retirement age in China has not been increased for decades and it is one of the lowest among the countries of the world. Xinhua news agency wrote that the Beijing authorities have decided to “gradually raise the legal retirement age for men from 60 to 63.” Also, this age for women will increase from 55 or 55 years, depending on the type of job, to 55 to 58 years, respectively.
According to this newspaper, the retirement age will gradually increase in 15 years from 2025. According to the new laws, Chinese people can postpone the retirement age even after the set age if they agree with the employer.
According to the study group “Economist Intelligence Unit”, by 2035, people over 60 years old will make up about one-third of the Chinese population.