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China Focus: Demographic trends in China behind proposed retirement delay
Xinhua | English | News | Sept. 13, 2024 | Demographics
Chinese lawmakers are considering a draft decision to gradually raise the statutory retirement age in response to significant demographic changes. Key factors include increasing life expectancy, which has reached an average of 78.6 years and is projected to surpass 80 by 2030. The existing retirement ages, set in the 1950s, are seen as outdated given the current average years of education, which have risen to 11.05 years for the working-age population. China is also experiencing a shift towards a more aging society, with 297 million people aged 60 and above, projected to exceed 400 million by 2035. Additionally, despite a decline in the working-age population since 2012, approximately 860 million individuals still fall within this category. Adjusting retirement policies is viewed as necessary to leverage human resources and sustain economic growth.