China Raises Retirement Age Amid Concerns Over Aging Population and Workforce

China has officially approved a plan to increase the retirement age in response to its rapidly aging population and shrinking workforce, with the new policy set to take effect next year.

As reported by the Associated Press, the National People’s Congress Standing Committee passed the measure, which raises the retirement age for men from 60 to 63. For women, the retirement age will be increased from 50 to 55 for blue-collar workers, and from 55 to 58 for white-collar employees.

Demographic researcher Xuexian Peng stated that the rising number of retirees is placing substantial pressure on China’s pension system. He added that the current retirement age was established in the 1950s when life expectancy was around 40 years.

China’s latest figures show that nearly 300 million people were aged 60 or above by the end of 2023. This number is expected to soar to 400 million by 2035, surpassing the total population of the United States.

Additionally, the National Bureau of Statistics reported a population decrease of 850,000 by the end of 2022, the first decline in decades. The population further dropped by 2 million in 2023, highlighting a steep decline in birth rates.