China to Raise Retirement Age for First Time Since 1978
China's rapidly aging population is putting a strain on the country's pension system.
The government is raising the retirement age to address the issue.
China's government announced plans to raise the country's retirement age for the first time since 1978. The move is a response to the country's rapidly aging population, which is putting a strain on the pension system.
The retirement age for men will be raised from 60 to 65, and the retirement age for women will be raised from 55 to 60.
The change will be phased in gradually over the next several years. It is expected to be fully implemented by 2025.
The government says the change is necessary to ensure the sustainability of the pension system.
China's population is aging rapidly.
The number of people over the age of 60 in China is expected to reach 250 million by 2025. This is up from 185 million in 2015.
The number of people over the age of 65 is expected to reach 110 million by 2025. This is up from 80 million in 2015.
The rapid aging of China's population is putting a strain on the pension system. The system is currently running a deficit, and it is expected to run out of money by 2035.
The government has implemented a number of reforms to address the issue.
The government has raised the retirement age.
The government has also increased the contribution rates for employees and employers.
The government has also introduced a new system of personal pension accounts.
The government's reforms are expected to help stabilize the pension system. However, it is unclear whether they will be enough to address the long-term challenges facing the system.
The change is expected to be controversial.
The change is expected to be unpopular with some workers.
Some workers are concerned that they will not be able to find a job if they are forced to retire at a later age.
Other workers are concerned that they will not have enough money to support themselves in retirement if they are forced to work longer.
The government has said that it will provide support to workers who are affected by the change.
Komentar