China to Increase Retirement Age Amid Aging Workforce

China will raise its retirement age starting next year, addressing a shrinking population and an aging workforce. The new policy will gradually increase the retirement age over 15 years. Men born in January 1971 will retire at 61 years and 7 months in August 2032. The current retirement age is 60 for men and 50-55 for women.

Starting next year, China will increase its retirement age, currently among the youngest in major global economies. The policy aims to address the challenges posed by a shrinking population and an aging workforce.

The new retirement age will be gradually implemented over 15 years. For instance, men will retire at 63 years, while women will do so at 55-58 years depending on their jobs. Currently, men retire at 60, women in blue-collar jobs at 50, and women in white-collar jobs at 55.

The policy, effective January next year, was announced by China's legislature via state broadcaster CCTV. According to Xiujian Peng, a senior research fellow specializing in China's population and economy, the pension fund is under high pressure, necessitating immediate action. Retirement age increments will be based on birthdates, with specific examples outlined in an official chart.

(With inputs from agencies.)