China Raises Retirement Age To 63 For Men, 58 For Most Women

China has announced plans to raise the retirement age for men to 63 and for most women to 58

The move is part of a broader effort to address the country's aging population and shrinking workforce.

The change will be phased in gradually over the next 15 years, with the full retirement age for men reaching 63 in 2035 and for women reaching 58 in 2040.

The current retirement age in China is 60 for men and 55 for women

The new retirement age will bring China in line with many other developed countries, which have been raising the retirement age in recent years to address the challenges of aging populations.

The change is likely to have a significant impact on the Chinese economy, as it will reduce the number of people in the workforce and increase the number of people receiving pensions.

The government has said that it will provide support to workers who are affected by the change

This could include providing training and retraining programs, as well as financial assistance.

The move is also likely to have a social impact, as it will mean that more people will be working longer and retiring later.

This could lead to changes in family dynamics and the way that people plan for their retirement

The change in retirement age is a significant development that will have a major impact on China's economy and society.

It is important to note that the new retirement age will not apply to everyone

There are some exceptions, such as for people who work in hazardous occupations or who have disabilities.

The government has also said that it will consider making further adjustments to the retirement age in the future, based on the changing demographics of the country.