China Approves Gradual Retirement Age Increase

China's top legislative body has approved a gradual increase in the retirement age, a response to the country's shrinking workforce and rising elderly population. Starting January 1, 2025, the retirement age will rise to 63 for men, 58 for women in white-collar jobs, and 55 for women in blue-collar jobs, implementing changes over a 15-year period. This reform is deemed necessary to ease the pressure on pension funds, as life expectancy has significantly increased from 44 years in 1960 to 78 years in 2021. Experts warn of public dissent regarding job market impacts, with many fearing that delaying retirement could flood the job market with competition. The government aims to maintain productivity and mitigate the adverse effects of demographic shifts on economic growth. However, concerns remain about the adequacy of job opportunities as the workforce ages.