China has made a decision on the retirement age for the first time in over 40 years due to serious problems with the demographic situation. This decision reported by Bloomberg has become a necessary step in response to increasing challenges related to the aging of the population and the decline in fertility.
For 15 years, from January 1, 2025, the retirement age for men will increase from 60 to 63 years, and for women - from 50 and 55 to 55 and 58 years. Also, since 2030, employees will have to contribute to their pension accounts for longer to receive the right to receive pension payments - not 15, but 20 years.
This step should slow down the reduction of labor and facilitate the retirement load that presses on the second economy of the world, but risks increasing public dissatisfaction against the background of slowing down the economy. There is already a spike in anger in Chinese social networks.
Currently, the retirement age in China is one of the lowest in the world.
