China Raises Retirement Age for the First Time Since the 1950s

[Zorro]

The Chinese government on Friday approved a plan to raise the country’s statutory retirement age, currently among the lowest in the world, in a long-awaited but broadly unpopular effort to address the challenge of its rapidly aging population.

This is the first time China has raised its retirement age since the 1950s. It will be phased in gradually, starting on Jan. 1, 2025. The retirement age for men, previously 60, will increase in increments of several months before finally reaching 63 by 2040. The retirement age for women in white-collar jobs, previously 55, will rise to 58. Women in blue-collar jobs, who previously could retire at 50, will have to work until 55.

The decision would “maintain the momentum and vitality of economic and social development,” Wang Xiaoping, China’s Minister of Human Resources and Social Security, said at a news conference.

Policymakers and experts have for decades been calling for a change to the retirement age, noting that the previous rules dated from a time when life expectancy in China was much shorter, and fertility rates higher. They warned that maintaining the status quo would severely strain the country’s work force and pension funds, with large numbers of older Chinese retiring but fewer young people replacing them.

https://www.nytimes.com/2024/09/13/world/asia/china-retirement-age.html?unlocked_article_code=1.KU4.iarO.SWp4lsWLd0v2&smid=url-share

[Shermann]

1. Their system appears to be pretty simple

You can delay your retirement by up to three years and increase your benefit, but you can't take it earlier like you can with the US system. 58/60 is still pretty nice though.