China to raise retirement age for first time since 1978
China is to raise the retirement age for the first time since 1978, as the world’s second-largest economy faces up to a sharply ageing population that will leave it short of workers.
The country will gradually extend the retirement age for all men from 60 to 63, for women in white-collar jobs from 55 to 58, and for women in blue-collar work from 50 to 55, state-owned news agency Xinhua reported on Friday.
The measures were approved by the standing committee of China’s rubber-stamp parliament on Friday. They will take effect in January and be phased in over 15 years in line with the principle of “small-step adjustments”, Xinhua said.