China is aging fast, will retire people late to deal with problem

New Delhi: China is planning to raise the retirement age, and the process will be held gradually and in phases as the superpower faces the challenge of rapidly aging population, according to a report by the CCP mouthpiece Global Times. The country was eyeing a “progressive, flexible and differentiated path to raising the retirement age”, and it means that it would be delayed initially by a few months, said Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, reported Reuters. He said that young people may have to work a little longer, but they will have a long period of adaptation and transition. “People nearing retirement age will only have to delay retirement for several months,” said Jin, according to the Global Times. He added, “The most important feature of the reform is allowing people to choose when to retire according to their circumstances and conditions.” Current retirement data The change is yet to be announced formally. Currently, China’s retirement age for men is 60. For women working in white-collar jobs it is 55, and 50 for women working in factories. China’s 1.4 billion population has been declining and aging in the past few years. Data by China’s National Health Commission claims that the population of people aged 60 or above will rise from 280 million to around 400 million by 2035. According to Reuters, the official data suggests that now each retiree is supported by the contributions of five people. A decade ago, 10 people did that for one retiree. It is believed that this could go towards 4-to-1 in 2030, and 2-to-1 in 2050. With inputs from agencies Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.