BRICS, RICKS, DICKS
As older people stay in the workforce, that means fewer jobs for younger people.
“For Years, Chinese Workers Could Retire at 50. Now, China Can’t Afford It.”
“To bolster China’s pension system, Beijing moves to raise the retirement age for men to 63 from 60, and for some women to 55 from 50”
“China has for years had one of the lowest retirement ages among major economies. Men started life’s next chapter at age 60, while women did so as early as 50.
But now, China’s next generation will have to work for longer.
To address looming pension-system shortfalls and economic strains, Beijing on Friday moved to gradually raise the statutory retirement age to 63 for men and 55 for blue-collar women. The retirement age for other women will increase to 58 from 55.
The increases will be gradually implemented over 15 years and affect most working people in China.
China is one of many big economies trying to shore up pension systems and maintain economic productivity as people live longer and have fewer children. U.S. Social Security estimates that, without major changes, it can’t fully pay beneficiaries starting in 2034. France last year raised its retirement age to 64 from 62, triggering nationwide protests.
What makes China different is its exceptionally low retirement age, which even after the overhaul will still be lower than the U.S. and Western European norm of 67. China’s demographic challenges were also heightened by its decadeslong one-child policy, which was scrapped in 2016.
Chinese authorities must also be cautious about how the new retirement age might affect high youth-unemployment rates, which hit 17.1% in July.”
Hahaha. Hohoho.
““Older people can’t retire, and younger people can’t find jobs,” read one post on Chinese social-media platform Weibo.”
RuZZia is being demilitarized and China is on a century long decline that will cut its population in half.