China to Raise Retirement Age

China to Raise , Retirement Age.

Reuters reports that according to China's 'Global Times,' the country plans to incrementally raise its retirement age in response to a rapidly aging population.

According to Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences.

China is considering a "progressive, flexible and differentiated path to raising the retirement age.".

According to the 'Global Times,' while young people may be required to work a few more years, .

"people nearing retirement age will only have to delay retirement for several months.".

The most important feature of the reform is allowing people to choose when to retire according to their circumstances and conditions, Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, via the 'Global Times'.

China currently has one of the lowest retirement ages in the world.

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Men work until age 60, white-collar women work until age 55, and factory worker women retire at 50.

Men work until age 60, white-collar women work until age 55, and factory worker women retire at 50.

Men work until age 60, white-collar women work until age 55, and factory worker women retire at 50.

According to the Chinese Academy of Sciences, China's pension system is on track to run out of funds by 2035.

China's National Health Commission predicts that its population of people ages 60 and up will increase to over 400 million by that time