The Chinese government approved a plan to raise its statutory retirement age, addressing the challenge of a rapidly aging population, despite broad unpopularity.
This marks the first change to China’s retirement age since the 1950s, with plans to gradually increase the age for men from 60 to 63 by 2040.
Policymakers have warned that retaining the previous retirement age would overload the workforce and pension funds, as retirements outnumber new entrants.
Despite the need for change, the proposal has met opposition, especially from older and younger workers fearing job competition and age discrimination.
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