China is set to raise the retirement age for the first time since 1950

 

China is set to raise the retirement age for the first time since 1950. This is due to the increasing population of elderly people in the country and the shrinking pension budget. According to the new decision, the retirement age for blue-collar working women has been raised from 50 to 55. This made it 58 in white-collar jobs. The retirement age for men has also been raised from 60 to 63. The current retirement age in China is relatively low compared to other countries in the world. The project in this regard was passed. The scheme will be effective from January 1, 2025.

The move is to increase the retirement age gradually over a period of 15 years. Retirement before statutory age is prohibited. Retirement should not be delayed for more than three years. According to the report, in order to get pension from 2030, people will have to contribute more to the social security system.