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April 14, 2011

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Home » Metro » Education

Residents register to postpone retirement

MORE than 200 local employees have registered to postpone their retirement age after Shanghai started the trial about six months ago, authorities said yesterday.

The policy is designed to alleviate pressure on the city's pension fund due to the rapid growth of Shanghai's aged population.

The policy allows residents, excluding government employees, to draw their pension later than the retirement age if they keep working, as long as their employer agrees.

Bao Danru, vice director of the Shanghai Human Resources and Social Security Bureau, said about half of the applicants work for private companies and most had good salaries of about 10,000 yuan (US$1,530) a month.

If a private business owner thinks an employee can continue being an asset even after reaching the retirement age, the company can retain the worker and pay social insurance with fewer restrictions than state-owned companies or government agencies, Bao said.

The retirement age, which was set about 50 years ago, is 60 for men and 50 or 55 for women, depending on the job. The city's new policy states men can retire as late as 65 and women at 60.


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