According to reports, China is thinking of delaying the retirement age, which would be a major change from its long-standing labor laws. The decision was made at a time when the nation’s economy is being challenged by an aging population and a declining labor force.
In July, the ruling Communist Party declared that it will progressively raise the retirement age—which stands at fifty for women employed in factories, fifty for women in white-collar positions, and sixty for men—in stages. In contrast, the average retirement age in wealthy nations is roughly six years higher for both genders.
Experts contend that raising the retirement age is essential despite the rise in youth unemployment, even if the proposal has generated a great deal of controversy. Lawmakers have also issued a warning, stating that if changes are not made, the pension system may not have enough money by 2035.