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China should put off retirement age starting 2018

CRI, December 26, 2014

• China's Social Sciences Academy has released a report suggesting the country's government extend its retirement age from the year of 2018 gradually.

  Experts are suggesting the Chinese government to put off people's retirement age to 65 gradually. [Photo / 66law.cn]

  By 2045, all citizens, regardless of their genders, should retire at the age of 65.

  China's current retirement scheme was established in the 1950s, which stipulates female workers to retire at the age of 50 and male at the age of 60.

  The age of female office workers was put up to 55 in 1955.

  But not many changes have been made since then.

  An expert from the academy says one of the reasons to delay retirement age is because people now have a longer life span compared to decades ago.

  But there are also concerns that the government has to extend people's working years, as they do not have enough pension funds faced with China's fast growing aging population.

  China has become an aging society since 2000, with over 7 percent of its population aged above 60.

  It is estimated that one third of the country's population will be above 60 by the year 2050.

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