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How to deal with aging population? China's raise retirement age plan: Report
China Ageing Population: China was eyeing a "progressive, flexible and differentiated path to raising the retirement age", the report claimed.
China may raise retirement age gradually to cope with the country's rapidly aging population, the Global Times reported citing a senior expert from China's Ministry of Human Resources. Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, said China was eyeing a "progressive, flexible and differentiated path to raising the retirement age", the report claimed.
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"People nearing retirement age will only have to delay retirement for several months," the Global Times said, citing Jin Weigang. The expert also said that young people may have to work a few years longer but will have a long adaptation and transition period
“The most important feature of the reform is allowing people to choose when to retire according to their circumstances and conditions,” he said. Although China has not formally announced the change.
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The retirement age in China is among the lowest in the world- at 60 for men, 55 for white-collar women and 50 for women who work in factories- Reuters reported.
China's 1.4 billion has been witnessing a decline as a result of the stringent one-child policy that limited couples to one child from 1980 to 2015. This comes as China's National Health Commission expects the cohort of people aged 60 and over to rise from 280 million to more than 400 million by 2035, Reuters reported.
