China's Retirement Age Reform
China plans to gradually raise its statutory retirement age due to its ageing population and pension system challenges. Life expectancy has increased significantly over the years, but the retirement age remains low compared to other countries. The plan is part of broader reforms adopted at a Communist party meeting.
Key Points
- Life expectancy in China has risen to 78 years
- Current retirement age in China is low compared to global standards
- China plans to gradually raise retirement age as part of reforms
- Pension fund projected to run out by 2035
Pros
- Addressing challenges of ageing population and pension system
- Reflects increasing life expectancy in China
Cons
- Scepticism among some Chinese internet users
- Concerns about delayed access to pensions and job security