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China Increases Retirement Age to Become One of the Youngest Among Major Economies – The Associated Press


reported that China is planning to raise its retirement age as part of efforts to address a rapidly aging population and reduce pressure on its social security system. Currently, China’s retirement age of 60 for men and 55 for women is among the lowest in the world’s major economies.

The decision to increase the retirement age was announced by Premier Li Keqiang during the annual meeting of the National People’s Congress. The proposed changes include gradually raising the retirement age by a few months each year, starting in 2022.

The move comes as China’s population is aging at a rapid pace, with the number of people over the age of 60 expected to reach 487 million by 2050. This demographic shift is putting strain on the country’s social security system, which is currently struggling to provide adequate support for its elderly population.

By increasing the retirement age, China hopes to keep more people in the workforce for longer, which would help boost the economy and reduce the financial burden on the social security system. The government also hopes that by encouraging people to work longer, it will help address the country’s shrinking labor force and ensure economic stability in the future.

However, the proposed changes have received mixed reactions from the public, with some expressing concerns about the impact on people’s retirement plans and others welcoming the move as a necessary step to address the challenges posed by an aging population. The government will need to carefully balance the needs of its citizens with the economic imperatives driving the decision to raise the retirement age.

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