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China to gradually raise retirement age

China to gradually raise retirement age

September 16, 2024
Retirement

Main article

Chinese lawmakers on Friday voted to adopt a decision  to gradually raise the statutory retirement age in the country, marking the first adjustment in the arrangement since the 1950s, reports Xinhua. According to the decision adopted at the 11th session of the Standing Committee of the 14th National People’s Congress, the statutory retirement age for men will be gradually raised from 60 to 63 in the course of 15 years starting in 2025, while that for women white-collar and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively.

Starting in 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually. Meanwhile, people will be allowed to voluntarily retire by no more than three years in advance after reaching the minimum year of pension contributions. However, retirement is not allowed earlier than the previous statutory age. The new policies will also allow individuals to postpone retirement to an even later date if they reach an agreement with employers, but such a delay should be no more than three years.

The decision also specifies measures to refine the old-age insurance incentive mechanism, implement the employment-first strategy, ensure the basic rights and interests of workers who have passed their statutory retirement age, and improve elderly care and childcare services.

The document includes specific provisions on welfare for unemployed old-age workers and on earlier retirement for those in special professions.