China is set to raise its retirement age to address an aging population and a shrinking workforce, with men retiring at 63 and women between 55-58.
The new retirement plan, which commences in 2025, involves gradually increasing the retirement age for men to 63 and for women, depending on their job type, between 55 and 58.
As part of a strategy to ease pension system pressure, contributions to pension accounts will extend from 15 to 20 years before benefits are accessible.
With 13% of its workforce over 60 and projections indicating 300 million will reach retirement age in the next decade, China confronts a significant retirement challenge.
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