Lawmakers approved the draft proposal Friday, as the world’s second-largest economy struggles with falling birth rates and an aging workforce.
China said Friday it would raise its retirement age for the first time in decades, as the world’s second-largest economy struggles with falling birth rates and an aging workforce.
The country’s top legislative body approved a draft proposal to gradually implement the changes, state media reported Friday. China’s retirement ages are among the lowest in the world and had remained unchanged since they were set in the 1950s.
The statutory retirement age for both men and women will be gradually increased starting Jan. 1 of next year, according to the decision by the Standing Committee of the National People’s Congress. Over a period of 15 years, it will be raised from 60 to 63 for men, 55 to 58 for women in white-collar jobs and 50 to 55 for women working in factories.
That’s unfortunate. I thought they wouldn’t fall for this.
What do you mean, “fall for this”? What are they going to do — protest? Vote for someone else?
I mean I thought the CCP wouldn’t go that route, pretending the workforce can’t be productive enough to support their aging population without increasing the retirement age. I guess they either bought the (I think flawed) economic theory that this is needed, or they just want to extract more labor from the population and use that as pretense. Although given Xi’s “welfare bad” tendencies I guess it’s not surprising.
You’re putting me in the difficult situation of backing up the CCP on this one, but how could it not be needed? They kneecapped birthrates for a whole generation, and never recovered. Unless they fix birthrates or start allowing immigration, they have no other recourse than forcing people to work longer. Either that or they actually start acting communist and redistribute wealth so that the soon-to-be retiree generations can weather the storm.
Edit: also, look at that male surplus. Ouch.