China said on Friday that it will progressively raise the legal retirement age in light of the impending demographic catastrophe and ageing population of the nation, according to state news agency Xinhua.

According to a Beijing government decision obtained by Xinhua, “the statutory retirement age for male workers will be gradually extended from the original 60 years to 63 years.”

Depending on the type of job, the retirement age for female employees will be raised “from the original 50 or 55 years to 55 and 58 years, respectively.”

According to state media, the retirement age would progressively start to rise in 15 years, starting in 2025.

“Beginning in 2030, there will be a gradual increase of six months per year from 15 to 20 years for the minimum year of basic pension contributions required to receive monthly benefits,” Xinhua reported.

Additionally, it stated that Chinese citizens will be able to “postpone retirement to an even later date if they reach an agreement with employers” under the new regulations.

A new law passed by the National Assembly in November 2019 is highlighted in a June 2020 report from the International Labour Organisation (ILO).

The general public, national and local stakeholders, and experts were consulted extensively to create this legislation, which is expected to go into force in January 2021.

After a seven-year transition period, the retirement age for male employees will progressively rise from 60 to 62 years and 3 months. By 2028, the entire shift should be in place.

Likewise, the retirement age for female employees will increase from 55 to 60 years and 4 months, with a 14-year transition period. By 2035, complete deployment is anticipated.

AFP