China's top legislative body has approved a proposal to raise the country's retirement age, the official Xinhua news agency said on Friday, accelerating an overhaul of decades-old laws to tackle the economic pressure of a shrinking workforce.

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.

Having people work for longer would ease pressure on pension budgets with many Chinese provinces already reeling from large deficits. But delaying pension payouts and requiring older workers to stay at their jobs longer may not be welcomed by all of them.

TFW you combat liberalism and lose

  • plinky [he/him]@hexbear.netOPEnglish
    10·
    3 months ago

    My main issue is that they are doing it completely top down, macron style. Put a vote to unions, would you like to have 30 % tax to fund pensions from 60, or 25% and retirement at 63. Nice easy, everyone happy