China’s leaders have floated the idea of raising the retirement age. It hasn’t gone down well
CNN
China has announced a plan to raise one of the world’s lowest retirement ages, which has been on the cards for years, as it tries to cope with a rapidly ageing population and a pension shortfall. But that has fuelled public anger across the internet and generated a fierce backlash.
China has announced plans to raise some of the world’s lowest statutory retirement ages as it tries to cope with the consequences of a rapidly ageing population and a pensions funding crisis. Currently, men in urban areas can retire at 60 and receive a pension from state-backed funds. The retirement age for female urban workers is 50 or 55 depending on their occupation. Rural residents in China fall under a different retirement system. Beijing’s plans, announced at the weekend, have already generated a fierce backlash. “In accordance with the principles of voluntariness and flexibility, [we] will steadily and orderly advance the reform of progressively delaying the statutory retirement age,” China’s ruling Communist Party said on Sunday. The plan, along with some other key reforms, were released in a resolution three days after the country’s leadership concluded China’s third plenum, a major political gathering in Beijing which takes place every five years. Struggling with declining birth rate and an ageing population, China’s policymakers have been talking about increasing the retirement age for over a decade.