China to raise statutory retirement age

China currently has one of the lowest retirement ages in the world, but that’s changing within the next five years. Right now, the statutory retirement age in China is 60 for men and 50 to 55 for women, depending on their job.

While the government has not yet said exactly what the new retirement ages will be, the plan is already being met with backlash. The government also said retiring at the later age will be “ voluntary and flexible .”

This comes as China continues to struggle with a declining birth rate, aging population and a pension system that is running out of money. Many say the need for reform is dire.

China’s life expectancy rose to 78 years by 2021 from about 44 years in 1960 and is projected to exceed 80 years by 2050. National health authorities expect the number of people living in China who are 60 and older to rise from 280 million to more than 400 million by 2035. That is an equivalent of the entire current populations of Britain and the United States combined.

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