China to increase retirement age: State media
China said Friday it would gradually raise its statutory retirement age, state news agency Xinhua reported, as the country faces a looming demographic crisis and an ageing population.
"The statutory retirement age for male workers will be gradually extended from the original 60 years to 63 years," a decision by Beijing officials shared by Xinhua said.
For women workers the retirement age will be extended "from the original 50 or 55 years to 55 and 58 years, respectively," depending on the type of job.
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The retirement age will begin to be gradually raised over 15 years from 2025, state media said.
"Starting 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," Xinhua said.
The new rules will also allow Chinese people "to postpone retirement to an even later date if they reach an agreement with employers", it added.
