{"id":14579,"date":"2024-09-18T06:30:00","date_gmt":"2024-09-18T06:30:00","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=14579"},"modified":"2025-04-23T08:57:55","modified_gmt":"2025-04-23T08:57:55","slug":"why-is-china-raising-its-retirement-age","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/why-is-china-raising-its-retirement-age\/","title":{"rendered":"Why is China raising its retirement age?"},"content":{"rendered":"\n

As China increases its retirement age for the first time in decades, Focus looks at the reasons driving the change \u2013 and what it means for businesses in China<\/h2>\n\n\n\n

The Standing Committee of the National People\u2019s Congress, China\u2019s top legislative body, announced on 13 September 2024 that the country would gradually increase the retirement age for men from 60 to 63, for women in white-collar jobs from 55 to 58, and for women in blue-collar jobs from 50 to 55. The adjustments will be gradually implemented over a 15-year period starting from January 2025\u200b.<\/p>\n\n\n

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The primary driver behind this policy shift is China\u2019s rapidly ageing population<\/a>. The country faces a shrinking workforce and a growing number of retirees, putting pressure on its pension system, as well as the elderly care system.<\/p>\n\n\n\n

The results of China\u2019s latest census<\/a> in 2020 showed significant population ageing, with people over the age of 65 accounting for 13.5% of the Chinese population, an increase of 4.6% from the 2010 census. Birth rates are also falling, putting further strain on the population.<\/p>\n\n\n\n

By raising the retirement age, China hopes to alleviate some of the financial strain on its pension system by bolstering the working-age population\u200b. In 2020, China\u2019s Social Security Administration predicted that its pension fund could be depleted by as early as 2035 unless remedial measures were taken. Indeed, in addition to raising the retirement age, China also announced that the minimum number of years needed to pay into a pension will increase from 15 to 20 years (which will come into effect in 2030).<\/p>\n\n\n\n