In 2022, Asian country’s population shrank for the 1st time in 61 years and is aging
China is planning a pension reform to raise the minimum retirement age. The measure would be a response to the shrinking and aging of the country’s population.
The initiative is part of the initial text of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Term Objectives until 2035. According to the state news agency Xinhuathe process will be done “in a gradual, flexible and differentiated way”, so that the impact of the change is not felt by the population.
Today, the minimum retirement age in China is among the lowest in the world. It is 60 for men and 55 for women. Professionals who do menial jobs retire earlier, at 50.
Jin Weigang, head of the social security research institute –an arm of China’s Ministry of Human Resources and Social Security– explained that “people approaching retirement age will only have to postpone it for a few months”.
The younger ones”may have to work a few more years, but will have a long period of adaptation and transition”, added Jin.
The expert stated that the most important feature of the reform “is to allow people to choose when to retire according to their circumstances and conditions”.
Until the publication of this text, the Chinese government did not give more details about the possible changes promoted by the reform. Prime Minister Li Qiang said only that the government will conduct rigorous studies and analyzes on the matter.
POPULATION SHRINKEN IN 2022
In 2022, China’s population declined for the first time since 1961. With 850,000 fewer people than the previous year, the world’s most populous country now has around 1.41 billion people. Here’s the full of the report, in English (446 KB).
The birth rate was another to decrease: there were 9.6 million people born in the last year. It is the 3rd consecutive year of reduction, compared to 12 million in 2020 and 10.6 million in 2021. The Chinese government has not recorded a population shrinkage for 61 years.
China also recorded the highest death rate since 1974, with 10.4 million deaths in the last year.
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