CHINA APPROVES PLAN TO RAISE RETIREMENT AGE FROM JANUARY 2025
China's top legislative body has approved a proposal to raise the country's retirement age, accelerating an overhaul of decades-old laws to tackle the economic pressure of a shrinking workforce. China's retirement ages are currently amongst the lowest globally. Reform is urgent with life expectancy in China having risen to 78 years as of 2021 from about 44 years in 1960 and projected to exceed 80 years by 2050. At the same time, the working population needed to support the elderly is shrinking.
The retirement age will be raised for men to 63 years old from 60, while for women in white collar work it would be raised to 58 years from 55. For women in blue collar work it will be increased to 55 from 50. The changes are set to come into force on Jan. 1, 2025 and be implemented over a 15 year period.
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