Posted on 09/13/2024 3:40:54 PM PDT by nickcarraway
China will "gradually raise" its retirement age for the first time since the 1950s, as the country confronts an ageing population and a dwindling pension budget.
The top legislative body on Friday approved proposals to raise the statutory retirement age from 50 to 55 for women in blue-collar jobs, and from 55 to 58 for females in white-collar jobs. Men will see an increase from 60 to 63. China's current retirement ages are among the lowest in the world.
According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media. said Chinese state media. Retiring before the statutory age will not be allowed, state news agency Xinhua reported, although people can delay their retirement by no more than three years.
(Excerpt) Read more at bbc.com ...
That’s one way to deal with the birth dearth that results in too many retirees and not enough workers. But it’s stop gap that they will have to repeat until their boomers pop off this mortal coil or until their zoomers start have 3 babies each.
My sister in law is from the Philippines; she only has a basic education, so I don’t know about jobs for well educated people, but she said if you’re over 40, forget about finding a job, that employers, especially in those jobs with the public, will only hire young attractive people. Their job ads even state it that way. I think it’s illegal, but they do it anyway. I imagine they pay off the authorities: bribes and graft are rampant there. Legal retirement age is 65.
What’s retirement there, a forty hour work week down from 70?
What is it now, 150 years?
Cool! I can retire in China...if I was a woman. Oh wait! I’m in America! What is a woman?
They’ve got plenty of workers—just too many retirees.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.