Why is China raising the age limit for retirement?

Last Updated on September 14, 2024 10:02 am

China has decided to gradually raise the retirement age of its citizens. The country’s state news agency Xinhua reported this information on Friday (September 13).

“The statutory retirement age for male workers will gradually be raised from 60 to 63,” the Xinhua report said, citing China’s growing demographic and aging population crisis.

The statutory age of retirement for women workers will be increased from 55 or 55 years to 55 and 58 years respectively, depending on the type of employment.

According to Xinhua, the retirement age will gradually increase to 15 years from 2025.

According to updated data from China’s National Bureau of Statistics (NBS) in January this year, the country’s population has declined for the second year in a row.

According to the NBS, China’s population will decrease to 1.49 billion in 2023, which is 2.08 million less than the previous year.

According to the data of NBS, the birth rate of children against every 1000 people in the country last year was 6.39. This rate was 6.77 in 2022 as well. This is the lowest birth rate the country has recorded since the founding of the Chinese Communist Party in 1949.

NBS also reported that 9 million 20 thousand children were born in China in 2023. In the previous year, 9.56 million children were born in the country.

China’s policy makers believe that if this situation continues, it will be harmful for the country. In addition, many believe that this change can have a significant impact on the world’s second largest economy.

The retirement age in China has not been raised in the past few decades. It is said that the country has the lowest retirement age in the world. In such a situation, the new decision has been taken by evaluating the average life expectancy, health capacity of citizens, population structure, educational qualification and labor force supply.