China to raise retirement age

September 13, 2024 (MLN): Chinese lawmakers on Friday voted to adopt a decision on gradually raising the statutory retirement age in the country, marking the first adjustment in the arrangement since 1950s , Xinhua news agency reported.

Men's retirement age will be gradually raised from 60 to 63 in the course of 15 years starting 2025, while that for women cadres and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively.

Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually.

Meanwhile, people will be allowed to voluntarily retire by no more than three years in advance after reaching the minimum year of pension contributions. But it is not allowed to retire earlier than the previous statutory age.

The new policies will also allow individuals to postpone retirement to an even later date if they reach an agreement with employers, but such a delay should be no more than three years.

The decision also specifies measures to refine the old-age insurance incentive mechanism, implement the employment-first strategy, ensure the basic rights and interests of workers who have passed their statutory retirement age, and improve elderly care and childcare services.

The document includes specific provisions on welfare for unemployed old-age workers and on earlier retirement for those in special professions.

The 20th National Congress of the Communist Party of China (CPC) and the third plenary session of the 20th CPC Central Committee made clear arrangements on gradually raising the statutory retirement age in the country.

The plan passed by lawmakers on Friday was formulated on the basis of a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China.

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