China said on Friday that it will progressively raise its compulsory retirement age, according to state news agency Xinhua, as the country faces a demographic catastrophe and an ageing population.
“The statutory retirement age for male workers will be gradually extended from the original 60 years to 63 years,” a decision by Beijing officials shared by Xinhua said.
Women’s retirement ages in China will be raised “from the original 50 or 55 years to 55 and 58 years, respectively,” depending on the type of job.
The retirement age will progressively grow over the next 15 years, beginning in 2025, according to state media in China.
“Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually,” Xinhua said.
The new rules will also allow Chinese people “to postpone retirement to an even later date if they reach an agreement with employers,” it added.
The International Labour Organisation (ILO) report, released in June 2020, focusses on a new law passed by the National Assembly in November 2019.
This legislation, the outcome of intensive consultations with experts, national and local stakeholders, and the general public, is planned to go into effect in January 2021.
Male workers’ retirement age will progressively rise from 60 to 62 years and 3 months, with a seven-year transition period.
The complete adoption of this adjustment is expected by 2028.
Similarly, female workers‘ retirement ages will increase from 55 to 60 years and 4 months, with a 14-year transition period. Full adoption is planned by 2035.
