Pensions|The goal is to raise the retirement age gradually within the next five years. So far, China has exceptionally low retirement ages.
The summary is made by artificial intelligence and checked by a human.
China plans to raise the retirement age in the next five years.
A gradual increase in the retirement age is part of the economic policies of the Communist Party.
The development group that considered China’s pension system estimated that the age of 65 would be the ultimate goal of raising the retirement age.
China’s population is shrinking as the birth rate falls, which is a global phenomenon.
China is preparing to gradually raise the retirement age over the next five years, the British Broadcasting Corporation BBC tells.
The effort is to guarantee the functionality of the pension system when the country’s birth rate falls and the population ages.
The life expectancy of the Chinese has already risen above the life expectancy of the United States, i.e. to 78 years. Even at the time of the communist revolution in 1949, the life expectancy of the Chinese was only 36 years.
Today, China’s retirement age is one of the lowest in the world – 60 years for men, 55 for women working in an office and 50 for women working in the “Dunar”.
Retirement age the gradual increase is one of the decisions made last week by the Communist Party’s high-level economic policies for the next five-year period.
These guidelines are not binding, but rather indicative.
The policy did not take a position on how much the retirement age would rise or when it would be raised. However, in a report published at the end of 2023, the development group that considered China’s pension system estimated that the age of 65 would be the final goal of raising the retirement age, the BBC says.
In the year In 2019, it was estimated that China’s state pension fund would run out of funds in 2035. The corona pandemic and China’s economic difficulties have since weakened that outlook.
One question in raising the retirement age may also be whether China is able to employ the older age groups to a sufficient extent.
Birth the decline is a global phenomenon.
Economic organization OECD told in Junethat the birth rate has decreased in rich industrialized countries to new lows.
The average number of children per woman in OECD countries has more than halved from the average of 3.3 children in 1960 to the average of 1.5 children in 2022.
In its report, the OECD urged its member countries to prepare for a future of lower birth rates, where the population will not remain the same without immigration.
In China, the population has decreased in 2023 for the second year in a row.
in Finland the birth rate was the most recent in Statistics Finland in statistics dropped below 1.3.
Globally, the worst situation is in South Korea, where the birth rate is only around 0.7.
In OECD countries, the average age of a first-time mother is typically around 30 years.
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