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China to raise retirement age

China to raise retirement age
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China will set a plan to raise the statutory retirement age in 2017 to relieve pressures from an aging population, a media report said on Sunday.

Beijing: China will set a plan to raise the statutory retirement age in 2017 to relieve pressures from an aging population, a media report said on Sunday.

"The plan is likely to be implemented in 2022 after a five-year transitional period," Jin Weigang, a researcher with the human resources and social security ministry, said on Saturday. The government is preparing to postpone the retirement age as a shrinking workforce has begun to bite into the country's labour market and pension system, Xinhua news service reported.

he population of people aged between 16-60 fell by 4.87 million to 911 million in 2015, the fourth consecutive year of decline, official data showed. China's retirement age is 60 for men, 55 for female white-collar workers and 50 for female blue-collar employees.

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