Retirement plan to be formalized next year
Print Edition
WITH its state pension fund under pressure to break even in the future, the Chinese government will next year formalize a plan to raise the official retirement age, China News Service reported yesterday, citing a senior government researcher.
The news agency quoted Jin Weigang, head of research at the Ministry of Human Resource and Social Security, as saying that a policy change would take about five years to phase in.
At present, the official retirement age for most men is 60.
For women, it is 55 for civil servants and employees of state enterprises, and 50 for others.
The media report did not speculate on what changes might be made in retirement ages. The government is preparing to postpone the retirement age as a shrinking workforce started to bite into the country’s labor market and pension system.
Meanwhile, analysts have long warned about China’s state pension having a severe funding shortage. Some have estimated that the cash shortfall could rise to be nearly US$11 trillion in the next 20 years.
Jin was quoted as saying that a retirement policy change should allow flexibility and take into account the needs of various labor groups, and “should not consider only the revenues and expenditures of the pension fund.”
The proportion of Chinese aged 60 and over has been rising fast in recent years.
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