In a significant policy shift, the Standing Committee of the National People's Congress of China has adopted a resolution to gradually increase the retirement age, emphasizing voluntariness and flexibility. The decision, made on September 13, marks the first adjustment to China's retirement age since the 1950s.
Initially proposed by the Central Committee of the Communist Party of China during its third plenary session on July 18, the policy outlines a 15-year phased implementation. The retirement age for men will be raised to 63, while for women, it will increase to either 55 or 58, depending on their roles. Currently, men retire at 60, women in blue-collar positions at 50, and women in white-collar jobs at 55—ages that are among the lowest in major global economies.
The reform aims to respect individual choices and accommodate the increasingly diverse fabric of Chinese society. By introducing flexibility and voluntariness, the policy allows individuals to make retirement decisions that best suit their personal circumstances and career aspirations.
This adjustment responds to demographic changes and the need to optimize the workforce in China's rapidly evolving economy. It seeks to balance the benefits of experienced professionals remaining in the workforce with opportunities for younger generations.
Analysts observe that the gradual and flexible approach of the reform reflects China's commitment to thoughtful policy-making that considers the well-being of its citizens. As the country continues to develop, such measures are essential to ensure sustainable social and economic growth.
Reference(s):
China's retirement reform reflects voluntariness and flexibility
cgtn.com
