China to gradually raise retirement age amid demographic challenges

China has announced plans to gradually increase its statutory retirement age in response to an ageing population and demographic challenges.

According to a report by Xinhua, the retirement age for male workers will extend from 60 to 63 years, while female workers’ retirement ages will rise from 50 or 55 years to 55 and 58 years, depending on their job type.

This adjustment will begin in 2025 and be phased in over 15 years.

Additionally, starting in 2030, the minimum years of basic pension contributions required to receive monthly benefits will increase from 15 to 20 years, with a gradual increase of six months annually.

The new regulations will also permit workers to delay retirement further if agreed upon with employers.

The move reflects China’s effort to address its demographic shift, with a new law scheduled for implementation in January 2021, which will see gradual increases in retirement ages for both men and women.

Full implementation of these changes is expected by 2028 for men and 2035 for women.