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China's Plan to Raise Retirement Age Sparks Anger

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The Communist Party of China has sparked anger on social media in China due to the decision to raise the retirement age under a long-term economic and developmental plan. In 2018, 17.8% of the population was aged 60 or over, and it may exceed 33% by 2053.

Authorities will “implement postponing the retirement age in a gradual manner,” the official Xinhua news agency said in a report this month. No actual specifics have been given, but the report itself has caused quite a stir. One user stated, “Delaying retirement means we have to postpone our pension.” China’s retirement age has remained unchanged for more than four decades; 60 for men and 55 for women civil servants and white-collar workers. Another social media user stated, “Delaying retirement, which has no rationality or necessity, is out of ideological considerations that only when the interests and health of the people are sacrificed can there be economic development.”

China’s elderly population is increasing while its workforce is getting smaller, this is partly due to the one-child policy that was in place for about four decades until 2016. China’s retirement age is lower than a lot of other countries. In Japan the age is 65 and the former Prime Minister Shinzo Abe’s government said last year it was considering raising the age to 70 or 75. In South Korea, men retire at 68 and women retire at 67. China’s aging population also puts enormous pressure on its pension system. China’s total pension pot could be “insolvent” as early as 2035, showed in an official research report.

Source: New York Post