China Enacts Retirement Age Reform by 2025

China's government has enacted a plan to incrementally raise the national retirement age starting January 1, 2025, with the goal of addressing pressures from an aging population and a shrinking workforce. The retirement age for men will rise from 60 to 63, while for women it will increase from 50 or 55 depending on their job type to 55 or 58. The policy, which marks the first adjustment since the 1950s, will be implemented over a 15-year period. This change aims to alleviate the financial strain on the pension system and better utilize the human resource potential given the increased life expectancy, which has risen to 78 years. While there is some public concern about the job market and health implications, experts believe the reform is necessary to sustain economic productivity and social welfare systems.