China’s top legislative body has approved raising the country’s retirement age to address economic challenges from a shrinking workforce and aging population due to increasing life expectancy, Reuters reports.
Currently among the lowest globally, the retirement age will increase gradually starting in 2025, with men retiring at 63 (up from 60), women in white-collar jobs retiring at 58 (up from 55) and women in blue-collar jobs at 55 (up from 50).
The reform, to be fully implemented over 15 years, aims to alleviate pension budget deficits as China’s aging population grows. However, the move has sparked concern over job availability and pension payouts. The new retirement plan aligns closer with regional peers like Japan and South Korea.
