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The Chinese government has announced an upcoming pension reform, which will be the first change in the retirement age in the country since the 1970s. The reform is designed for 15 years and will start in 2025, snob.ru writes with reference to CNS.
The plan provides for a gradual increase in the retirement age: for men from 60 to 63 years, for women from 50 to 55 years, and for female civil servants and office workers from 55 to 58 years. The retirement age will increase by six months every year.
The authorities explain the need for the reform by demographic changes in the country. At the same time, some flexibility is provided: citizens will be able to retire three years earlier than the established term, provided that they fulfill their pension contribution obligations. It will also be possible to postpone retirement for up to three years with the consent of the employer.
It Is worth noting that over the past two decades, the Chinese government has been increasing pension payments annually. This year, pensions were increased by 3%, and last year – by 3.8%.