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An elderly man sits in a warm afternoon in Shanghai, Feb 2, 2015. [Photo/IC] |
Raising the retirement age
The 13th Five-Year Plan (2016-20) proposes progressively raising the retirement age to help address the country's pension pressure and labor shortage.
On Nov 20, the Ministry of Human Resource and Social Security said raising the retirement age will be done progressively in small steps. The authority will raise the retirement age by several months every year, and the policy adjustment will be made public in advance. The Ministry of Human Resources and Social Security is drawing up the policy and will solicit public opinions on the completed draft.
In 2017, China should complete the integration of its two pension systems. From 2018, the retirement age for women should be raised one year every three years, and the retirement age for men should be raised one year every six years. This means in 2045, the retirement age for both men and women will be 65.
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