China has passed a law raising the retirement age for the first time in 70 years, in response to the country’s shrinking population and increasing life expectancy. The new law, which was approved by the National People’s Congress Standing Committee, will gradually increase the retirement age from 60 to 65 for men and from 55 to 60 for women.
The decision to raise the retirement age comes as China faces a rapidly aging population and a declining birth rate. According to official data, China’s population is expected to peak in 2029 and then start declining, posing a significant challenge to the country’s pension system and labor force.
The new law is aimed at ensuring the long-term sustainability of China’s pension system and addressing the challenges posed by an aging population. By raising the retirement age, the government hopes to encourage more people to continue working and contribute to the economy for a longer period of time.
In addition to raising the retirement age, the new law also includes provisions to protect the rights of older workers, such as preventing employers from discriminating against employees based on age and providing training opportunities for older workers to help them adapt to changes in the workplace.
The decision to raise the retirement age has been met with mixed reactions in China. Some people welcome the change, seeing it as a necessary step to ensure the sustainability of the pension system and address the challenges posed by an aging population. Others, however, are concerned about the impact on older workers who may struggle to find employment or face discrimination in the workplace.
Overall, the passing of the new law represents a significant shift in China’s approach to retirement and aging population. By raising the retirement age for the first time in 70 years, the government is taking proactive steps to address the challenges posed by a shrinking population and ensure the long-term sustainability of the country’s pension system.