The News
China on Friday approved a proposal to ”gradually″ increase its retirement age for the first time in more than 70 years.
The country has long had one of the world’s lowest retirement ages, but a number of factors sparked the decision to raise it, including a demographic struggle that has led to a shrinking workforce, rising life expectancy, and a pension funding crisis.
Starting in January and phased over 15 years, the statutory retirement age for men will be increased from 60 to 63, while for women, it will rise from 50 to 55 in blue-collar jobs, and from 55 to 58 in white-collar jobs.
Some on Chinese social media voiced their disapproval over the measures, the BBC reported: Young people have long expressed concerns that they will struggle to get promotions if older employees remain in their positions longer, The Economist wrote in 2021.