INSUBCONTINENT EXCLUSIVE:
China has decided to raise its retirement age for the first time since the 1950s
January 1, 2025, the retirement age will gradually increase over 15 years, affecting millions of workers across the nation.For men, the
retirement age will rise from 60 to 63
Women in white-collar jobs will see an increase from 55 to 58, while blue-collar female workers face the largest jump, from 50 to 55.These
retirement age ranks among the lowest globally
(Photo Internet reproduction)Meanwhile, birth rates have plummeted, leading to a shrinking workforce and increasing pressure on the younger
generation to support older people.By the end of 2023, China had nearly 300 million people over 60, with projections reaching 400 million by
This aging population puts immense pressure on the pension system.Experts warn that without changes, the public pension fund could run out
by 2035, leaving millions of retirees without financial support.The decision has sparked mixed reactions among Chinese citizens
workers worry about increased job competition and delayed career advancement
Older employees fear age discrimination and potential unemployment without pension access.Many blue-collar workers, particularly women, are
concerned about their physical ability to continue working into their mid-50s.This reform represents a delicate balancing act for the
They must address demographic challenges while managing public expectations and potential social unrest.The gradual implementation over 15
years aims to soften the impact and allow for adjustments
The government plans to increase the retirement age by one month every four months for individuals in white-collar jobs.For blue-collar
women, the increase will be one month every two months
South Korea is set to increase its retirement age from 62 to 65 by 2033.These regional trends highlight the widespread nature of aging
populations in East Asia and the need for comprehensive pension reforms
As China embarks on this significant policy shift, the world watches closely.The success or failure of this reform could have far-reaching
implications for the global economy and serve as a case study for other nations facing similar demographic challenges.In short, the outcome
will likely influence future policies on labor, social security, and economic planning in China and beyond.
