Lawmakers approved the draft proposal Friday, as the world’s second-largest economy struggles with falling birth rates and an aging workforce.
China said Friday it would raise its retirement age for the first time in decades, as the world’s second-largest economy struggles with falling birth rates and an aging workforce.
The country’s top legislative body approved a draft proposal to gradually implement the changes, state media reported Friday. China’s retirement ages are among the lowest in the world and had remained unchanged since they were set in the 1950s.
The statutory retirement age for both men and women will be gradually increased starting Jan. 1 of next year, according to the decision by the Standing Committee of the National People’s Congress. Over a period of 15 years, it will be raised from 60 to 63 for men, 55 to 58 for women in white-collar jobs and 50 to 55 for women working in factories.
I broadly agree with you and like you also tend to criticize the CCP from the left. If you want to be communist, be communist and do it right (for the first time!).
However, it’s far too late for China to do those things before GenX enters retirement, even if there were any political will to attempt it. China is (after the USA) the most grindingly capitalist place I’ve ever been to, and I don’t see that changing anytime soon. Within the parameters of their current politics, they are absolutely heading at full speed for an economic cliff, even if Xi succeeds in killing off most of that male surplus on Taiwanese beaches. Taking Taiwan, however doomed and reckless the attempt may be, is perhaps the only hope of stemming that flow, since TW has much higher per capita GDP. I’m guessing that’s why he’s so intent on it.