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27 Oct, 2015

China plans to raise retirement age

Beijing, (People’s Daily Online), October 15, 2015 – The average retirement age in China is under 55, which demonstrates that Chinese people retire the earliest in the world, said a senior official when introducing achievements in employment and social security work during the 12th Five-Year Plan.

There will be an average of 1.3 people of working age for every retired person in China by 2050, said Yin Weimin, China’s human resources and social security minister.

There are currently 3.04 working-age people for each retired person.

It is predicted that by 2050 people aged over 60 will make up 38.6 per cent of the population, compared with the current 15.5 per cent, Yin said.

The current system was formulated in 1953 and allows men to retire as early as 60 and women at 55. At that time life expectancy in China was less than 50. Life expectancy of Chinese has reached more than 70. Therefore it is high time to reform retirement policy.

Yin said any adjustment would be “gradual”: the retirement age raised by only a few months each year.

According to Yin the majority of countries in the world, excluding African countries, set the retirement age at 65 or 67.

The reform plan will be released to the public well in advance after approved by the central government, said Yin.

Furthermore, according to predictions of the ministry, there will be 25 million people waiting to find a job every year in urban areas during the 13th Five-Year Plan. 10 million of whom are registered unemployed people and another 15 million of whom are graduates from universities, vocational schools and high schools and those who retired from the army.

China has not seen large scale layoff in recent years, according to Yin.