Major Update: Government Raises Retirement Age for Employees: China has declared a significant decision to gradually raise the retirement age for employees. Men will now retire at the age of 63, while women will work until 58, up from the previous ages of 60 and 55, respectively. This change purposes to address China’s declining workforce, economic challenges, and dwindling pension funds. By 2030, the govt plans to increase the minimum work tenure required for pensions from 15 to 20 years.
Furthermore, this decision has sparked public backlash, with citizens concerned about extended working years and delayed pensions, especially in a country where youth unemployment is already high. The elderly population in China is hoping to rise significantly, from 20% currently to 40% by 2050, putting more strain on the pension system. Despite these efforts, fears of financial insecurity and job market struggles remain, particularly amid complaints of age discrimination and previous cuts to medical benefits.