"Currently, the average retirement age in China is under 55, compared to
somewhere in the mid-60s in many other countries. Taking all these
factors into consideration, China should raise the retirement age but
only step by step until it reaches a reasonable level."
The gradual implementation of a higher retirement age would mean, for
example, that a worker who is five years away from retirement when the
new policy takes effect would have to work an additional three months,
while a worker six years out would work six months extra, Yin said.
Jin Weigang, a researcher with the Ministry of Human Resources and
Social Security, told China News Service on Saturday that the plan is
likely to be implemented in 2022 after a five-year transitional period.
The government’s plan to raise the retirement age is a response to the
fact that China’s shrinking workforce and aging population has begun to
bite into the country’s labor market and pension system. Population
figures show that the number of people aged 16 to 60 fell by 4.87
million to 911 million in 2015, the fourth consecutive year of decline.
On Dec 2, the Institute of Population and Labor Economics and the
Chinese Academy of Social Sciences published a green paper on population
and labor, in which researchers suggested a two step strategy to
changing the retirement age. They recommended that China complete the
integration of its two pension systems by 2017 and that from 2018, the
retirement age for women should be raised one year every three years,
and the retirement age for men should be raised one year every six