China to raise retirement age as population gets older

China has announced plans to gradually increase the retirement age for its citizens over the next five years. This decision comes as the country faces the challenges of an aging population and a pension system that is under significant strain. Currently, the retirement age is set at 60 for men, 55 for women in white-collar jobs, and 50 for women in blue-collar jobs. The government aims to implement this change as part of a broader set of reforms discussed during a recent high-level meeting of the Communist Party, known as the Third Plenary Session. The party's central committee emphasized that the changes will be made with a focus on voluntary participation and flexibility, allowing individuals to make choices that suit their circumstances. While the specific details regarding how much the retirement age will be raised and the timeline for these changes have not been disclosed, a report from the China Pension Development Report suggests that the retirement age could eventually reach 65 years old. This plan has been in consideration for several years, especially as the financial resources for pensions continue to dwindle. According to the Chinese Academy of Social Sciences, the main state pension fund is projected to run out of money by 2035, a prediction made even before the economic impacts of the Covid-19 pandemic were fully realized. Additionally, the country is experiencing a decline in birth rates, which further complicates the situation. Demographers have noted that the decision to raise the retirement age reflects a recognition that there is no universal solution to retirement issues. However, the announcement has sparked skepticism among some citizens on social media. Many express concerns that those who wish to retire early are often exhausted from demanding jobs, while those in more comfortable positions may not want to leave their roles. One user on Weibo, a popular social media platform, questioned what types of jobs the younger generation would have in the future. Others pointed out that delaying retirement could simply mean delaying access to pension funds, raising concerns about job security as individuals approach the new retirement age.