Proposals to increase the compulsory retirement age for women in blue-collar work from 50 to 55 and for females in white-collar jobs from 55 to 58 were adopted by the upper house of parliament on Friday.
The number of men will rise from 60 to 63.
China currently has some of the lowest retirement ages globally.
The plan approved on Friday states that the changes will take effect on January 1, 2025, and that for the next 15 years, the corresponding retirement ages would be adjusted every few months, according to Chinese official media.
State news agency: You will not be permitted to retire before the required age.
In order to qualify for pensions, workers will also need to contribute more to the social security system starting in 2030. They would need to accrue 20 years of contributions by 2039 in order to get their pensions.
The primary state pension fund in the nation will run out of money by 2035, according to a 2019 projection by the state-sponsored Chinese Academy of Social Sciences. This prediction was made before the COVID-19 outbreak, which severely damaged China’s economy.
“A comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education, and workforce supply in China,” according to Xinhua, served as the foundation for the proposal to raise retirement ages and modify the pension policy.
However, on the Chinese internet, the announcement has caused some skepticism and unhappiness.
