China’s move to raise the retirement age – for decades one of the world’s lowest – appears to be unpopular among workers, though it has not seen the protests sparked by pension reforms in other countries.
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The top legislative body on Friday approved a plan to lift the retirement age for men from 60 to 63. For women in white-collar jobs it will be raised from 55 to 58, and for women in blue-collar work from 50 to 55.
The changes start from January 1, and the ages will be lifted by another three to five years over the next 15 years.
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That uncertainty is a concern for some workers, as is the inequity in pension schemes between the public and private sectors, according to workers who spoke to the South China Morning Post. The move also adds to anxiety over the economic outlook and grim jobs market, and the broader issue of China’s shrinking workforce as the population rapidly ages.
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China to raise retirement age by up to five years amid economic slump
China to raise retirement age by up to five years amid economic slump
It could also harm the ruling Communist Party’s legitimacy, according to Alfred Wu, an associate professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy.