SEOUL, September 16 (AJP) -China's top legislative body approved a plan to incrementally raise the country's statutory retirement age last Friday.
Starting in 2025, the retirement age for men will increase from 60 to 63 over a 15-year period. For women, the age will rise from 55 to 58 for cadres and from 50 to 55 for blue-collar workers, as reported by Xinhua News Agency.
This decision, made during the 11th session of the Standing Committee of the 14th National People's Congress, marks the first adjustment to retirement age regulations since the 1950s. The plan was developed after a comprehensive evaluation of factors including average life expectancy, health conditions, population structure, education levels, and workforce supply in China.
Experts note that this adjustment reflects changes in China's demographics and overall development, aligning with international practices. It is seen as a proactive measure to address the challenges posed by an aging population.
From 2030, the minimum number of years required to contribute to the basic pension system to receive monthly benefits will gradually increase from 15 to 20 years, at a rate of six months per year. The new policy introduces some flexibility in retirement timing, allowing for early retirement or delayed retirement under specific conditions, within a three-year range of the new statutory age.
Minister of Human Resources and Social Security Wang Xiaoping stated that this reform will enhance labor supply efficiency amid population aging and a decreasing proportion of working-age individuals. Wang added that it will also promote the development and utilization of human resources.
Yuan Xin, vice president of the China Population Association and professor at Nankai University, told the Global Times that this approach is necessary to address China's current national conditions and future socio-economic development, actively tackling the issue of population aging.
Li Chang'an, a professor at the University of International Business and Economics, emphasized the reform's significance in improving the country's labor force structure and extending the demographic dividend. He noted that gradually raising the retirement age will help establish a solid foundation for the sustainable development of China's pension system.
Copyright ⓒ Aju Press All rights reserved.
