14.09.2024. / 11:12
BEIJING – China’s National People’s Congress has approved proposals to raise the legal retirement age from 50 to 55 for manual workers and from 55 to 58 for women in administration.
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The retirement age for men will be moved from 60 to 63, writes the BBC.
Under the plan, the change will take effect on January 1, 2025, with the retirement age increasing every few months for the next 15 years, Chinese state media reported.
Retirement before the legal age limit will not be allowed, and employees can postpone retirement for a maximum of three years. From 2030, employees will also have to pay more contributions to the social security system to receive pensions, and by 2039 they would have to pay 20 years of contributions to be able to receive pensions.
The state-run Chinese Academy of Social Sciences said in 2019 that the country’s main state pension fund would run out of money by 2035, an estimate before the Covid-19 pandemic hit the Chinese economy hard.
The plan to raise the retirement age and adjust the pension policy is based on a “comprehensive assessment of life expectancy, health conditions, population structure, education level and labor supply in China,” Xinhua reported. Tanjug
Source: www.capital.ba
