China Raises Retirement Age to Address Aging Workforce

China's legislature announced a gradual increase in the retirement age for workers. Men will retire at 63, while women will retire at 55 or 58, based on their roles. The policy, set to unfold over 15 years, seeks to address issues related to an aging workforce.

China's legislature announced on Friday that it was raising the retirement age for its workers, according to state broadcaster CCTV.

The policy change will be gradually carried out over 15 years, with the retirement age for men raised to 63 years, and 55 and 58 years for women depending on their role.

Currently, the retirement age is 60 for men, and 50 for women in blue-collar jobs and 55 for women in white-collar jobs. That retirement age is among the youngest in the world's major economies.

(With inputs from agencies.)