Retirement age to be pushed back

Postponement of the retirement age is inevitable, said the Ministry of Human Resources and Social Security, adding that it will soon put in place policies that flexibly delay the age for receiving basic pension, reported Jinghua Times on Wednesday.

The ministry said adjustment of the retirement age is a complex policy involving factors such as population structure, supply and demand of human resources, intergenerational relations, social security fund and other considerations. With the development of the economy and society, as well as increasing life expectancy, it is inevitable that the retirement age should be postponed, according to the report.

Conflicting opinions have arisen regarding the extended retirement age. One view is that extending the retirement age will help further explore human resources, increase retirement income, and balance the revenue and expenditure of old-age insurance and health insurance funds. Another view points out that China's current job market as a whole is still in oversupply, so extending the retirement age may tighten the job supply?and further exacerbate employment tensions.

Currently, the Ministry of Human Resources and Social Security is studying the appropriate age for retirement and receiving basic pension. The research will draw domestic and overseas experience and seek opinions from the public.