China Approves Gradual Increase in Retirement Age
For men it will reach 63 years of age, for women it will go up to 58.
China is increasing retirement age. Approved on September 13 during the 11th session of the Standing Committee of the 14th National People’s Congress, it is the first amendment to the regulation since the 1950s, Xinhua News Agency reported.
Thus, the retirement age will be raised gradually over 15 years from 60 to 63 for men, from 50 to 58 for women in office jobs, and from 50 to 55 for laborers.
The number of minimum years of contributions required to qualify for a pension is also increasing: from 15 to 20, with the increase to be gradual starting 2030 onwards. Retirement may then be deferred by agreement with the employer for a period not exceeding three years.
The reform was necessary in the context of the demographic crisis that gripped the country, given the increasing life expectancy and declining birth rate. In 2023, the country’s population declined for the second consecutive year, and the proportion of people over 60 is expected to increase from 280 million to 400 million by 2035.
