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September 28, 2010

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Home » Metro » Education

Workers allowed to retire later

GONG Qinghua, a 53-year-old local worker, did not applaud when she heard the city was to allow people to continue working after they reach retirement age.

"I would still choose to retire at 50 even if the policy had been announced years earlier," said Gong, who took a job with an insurance company after she drew her pension, as she believed it benefit her economically to do so.

From next month, local residents, excluding government employees, can apply to draw their pension later than retirement age if they wanted to continue in their job and their companies agreed to keep them on and continue to pay the social insurances.

The policy, announced this week by the Shanghai Human Resources and Social Security Bureau, is aimed at alleviating growing pressure on the city's pension pool given the rapid growth of Shanghai's aged population.

The bureau said people delaying retirement would enjoy a higher monthly income when they eventually finish work, because their personal pension account would keep growing.

In China, the retirement age, which was fixed about 50 years ago, is 60 for men and 55 or 50 for women, depending on the type of job.

The new city policy says men can retire as late as 65, while the age for women is 60.

Li Xiaoliu, 58, welcomed the policy. He said he was still healthy enough to continue his job and did not want to be idle for the rest of his life, which could last 30 years or longer.

Feng Lijuan, a human resources analyst with, a headhunting firm, said the policy, in some respects, was positive, especially when considering that the number of young people entering the job market would not increase in the future while more and more people would reach retirement age each year.

It would improve the living quality of older people if they were still capable of work. Many people still had a lot to contribute to society, she said.

But she was concerned that if older people were holding on to certain management posts, that could affect the career development of young people as they would have fewer chances available to them.

Wei Feng, 26, who works for an international corporation, believed the policy would make it harder for graduates to find a job because fewer vacancies would be available.

But Jin Zhe, 21, a graduate from the Shanghai International Studies University, did not see a problem. "Old people are usually key position holders, and we, fresh graduates, can not compete with them for the same posts."

Qiu Jialu, a human resources worker at Dahua Real Estate, said the policy would not influence the company's hiring of young people.


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