Global Desk: China is set to raise the age of retirement soon. As cited by its state media Global Times, the Chinese government is planning to do this in view of its constantly aging population.
Although it has not been formally implemented yet, this reform would mean that individuals reaching closer to their age of retirement have to delay it by a number of months. Likewise, the young professionals also have to extend their career than the usual duration. In fact, it would also give them extended transition and adaptation periods in their work.
Moreover, this will also facilitate them to enjoy the flexibility to make their own choices of retirement time according to individual circumstances. This is considered as one of the key characteristics of this new reform.
China, which is the most populated nation in the world with around 1.4 billion people is only ahead of India. To control its growing population, it had been implementing an approach of one couple one child policy in between 1980 to 2015. This did however contribute to controlling the population, although this also resulted in a population imbalance. It led to a shortage of young professionals and increase in people reaching retirement age. This drastically impacted its workforce and human resource.
In view of this, the latest initiative by its government will increase the retirement age which has been 60 for men, 55 for females in white-collar jobs, and 50 for women working in factories, which is among the lowest in the world.
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