China: Lawmakers review draft decision on gradually raising retirement age
Source: Asia Insurance Review | Oct 2024
The standing committee of China’s top legislative body, the National People’s Congress, earlier this week reviewed a draft decision of the Communist Party on gradually raising the statutory retirement age, the Xinhua News Agency reported.
Raising the official retirement age will be a key step towards changing decades-old labour laws and easing economic pressures stemming from a shrinking workforce.
Draft changes to the law to adjust the retirement age are expected to be published to get public feedback in the coming weeks, reported Reuters.
The review followed a resolution, adopted at the third plenary session of the 20th Communist Party of China (CPC) Central Committee in July, which outlined the task of refining the country’s population development strategy in response to an aging population and a declining birth rate.
The retirement age is now 60 for men, about six years below that in most developed economies, while for women in white-collar work, it is 55, and 50 for women who work in factories. A