September 13, 2024 07:39 GMT
MNI BRIEF: China To Extend Retirement Age
MNI (BEIJING)
The committee called on governments at all levels to address aging, promote and support employment, and entrepreneurship, safeguard workers' rights, and coordinate efforts in areas such as elderly and childcare. (See MNI INTERVIEW: China Needs To Cut Subsidies To Hit 3.5% Growth)
China will extend the statutory retirement age by three to five years at a gradual pace over the next 15 years starting from next year as aging demographics weigh on the economy, according to the Standing Committee of the National People's Congress.
The statutory retirement age for males will be gradually extended from 60 to 63 years. Regular female workers will see their retirement extended five years to 55, while women in government leadership or management positions will by able to collect a pension at 58, three years later, the country's top legislator revealed.
Starting from Jan 1 2030, the minimum contribution period for employees to receive a basic pension on a monthly basis will also be gradually increased from 15 to 20 years, with a six-month increase each year, the committee said, noting employees who meet the minimum contribution years may voluntarily choose to take flexible early retirement, with a maximum of three years in advance.
The committee called on governments at all levels to address aging, promote and support employment, and entrepreneurship, safeguard workers' rights, and coordinate efforts in areas such as elderly and childcare. (See MNI INTERVIEW: China Needs To Cut Subsidies To Hit 3.5% Growth)
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