Chinas Legislature Approves Raising The Retirement Age Now Among World Lowest For Major Economies

China Raises Retirement Age, Joining Global Trend

Ageing Population Prompts Policy Shift

In a significant move, China's legislature has voted to raise the country's retirement age, bringing it in line with many other major economies. The change comes as China grapples with an aging population and a shrinking workforce.

Gradual Implementation

The new retirement age will be implemented gradually over the next 15 years. For men, the retirement age will increase from 60 to 65, while for women it will rise from 55 to 60. The move is expected to be phased in over the next few years, with full implementation by 2035.

Challenges and Opportunities

Raising the retirement age presents challenges and opportunities for China. On the one hand, it will help to address the country's aging population and workforce shortage. On the other hand, it may also lead to increased unemployment and a decrease in the size of the working population.

Global Context

China's decision to raise the retirement age is part of a global trend. Many countries around the world are facing similar demographic challenges and are implementing similar policies. In the United States, for example, the full retirement age is scheduled to increase to 67 by 2027.

Economic Implications

The economic implications of raising the retirement age are complex. In the short term, it may lead to a decrease in the size of the workforce and a slowdown in economic growth. However, in the long term, it may help to boost productivity and economic growth.

Social Impact

Raising the retirement age will also have a significant social impact. It may lead to changes in family structures and the way people plan for their retirement. It may also have an impact on the availability of affordable housing and healthcare for the elderly.

Conclusion

China's decision to raise the retirement age is a significant policy shift that will have far-reaching implications for the country. It is a move that reflects the country's changing demographics and its efforts to address the challenges of an aging population.