China's Retirement Age, Among Youngest in World, Set to Rise

Why it matters

China has one of the youngest retirement ages in the world, but that's set to change. The government is planning to raise the retirement age for men and women, a move that could have a significant impact on the country's economy and society.

Current retirement age

The current retirement age in China is 60 for men and 55 for women. This is significantly lower than the retirement age in most developed countries. For example, the retirement age in the United States is 67 for both men and women.

Proposed changes

The Chinese government has proposed raising the retirement age for men and women to 65. This would bring China's retirement age more in line with other developed countries.

Reasons for the change

There are several reasons why the Chinese government is proposing to raise the retirement age. One reason is that the country's population is aging. The number of people over the age of 65 is expected to increase from 11% to 20% by 2050. This will put a strain on the country's pension system.

Another reason for the change is that China's economy is slowing down. The government believes that raising the retirement age will help to boost economic growth by increasing the number of people in the workforce.

Impact of the change

Raising the retirement age will have a significant impact on China's economy and society. It will reduce the number of people receiving pensions, which could lead to poverty among the elderly.

It will also increase the number of people in the workforce, which could lead to lower wages and fewer job opportunities for younger workers.

Conclusion

The Chinese government's proposal to raise the retirement age is a significant development. It will have a major impact on the country's economy and society. It is important to consider all of the potential impacts of the change before making a decision.