China to gradually raise retirement age
The nation's top legislative body on Friday voted to gradually raise the statutory retirement age on the mainland. China's retirement ages are currently amongst the lowest globally and its the first such adjustment since the 1950s. The statutory retirement age for men will be raised from 60 to 63 over 15 years starting from 2025, while that of women in white collar work will go up to 58 years from 55. For women in blue collar work it will be adjusted to 55 from 50, according to Xinhua News Agency. And starting from 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. It added the new rules will also allow people "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 plan 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. (Agencies)