Next Week's Opening of China's Two Sessions... Discussion Expected on Raising Retirement Age to 65

The issue of extending the retirement age to 65 is expected to be a key topic at next week's China Two Sessions (Lianghui: the National People's Congress and the Chinese People's Political Consultative Conference).

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On the 29th (local time), China's state-run English newspaper Global Times reported that domestic experts have warned in recent years about the risk of pension depletion due to the combination of an unchanged statutory retirement age, increased life expectancy, and declining birth rates.

Currently, about five workers support one retiree, but the ratio of workers to retirees is estimated to be 3 to 1 by 2030 and 2 to 1 by 2050.

This is because the birth rate is plummeting while life expectancy is increasing, leading to a shrinking labor force.

China's birth rate has been continuously declining since it peaked in 1987.

Additionally, the elderly population aged 65 and over, which accounted for 15% of the total population at the end of 2022, is expected to exceed 30% by 2030, marking China's entry into a serious aging society.

The Chinese Academy of Social Sciences released a report in December last year stating that the retirement age extension is imminent and that the statutory retirement age is likely to be adjusted to 65.

China's statutory retirement age is among the lowest in major economic regions.

Since the 1950s, the retirement age has remained unchanged at 60 for men, 55 for female office workers, and 50 for female production workers.

However, the life expectancy of Chinese people has significantly increased from 43.7 years in 1960 to 78.2 years in 2021.

Along with this, voices are emerging that the retirement age for men and women should be equalized.

Professor Lu Ming of the Antai College of Economics and Management at Shanghai Jiao Tong University pointed out, "As society transforms into a highly service-oriented one, the gender gap in the workplace has narrowed," adding, "Setting the retirement age for men and women equally or similarly is a globally accepted practice."

This content was produced with the assistance of AI translation services.