Reuters reports that reform is urgent because life expectancy in China has risen to 78 years in 2021, up from about 44 years in 1960. Projections indicate it will exceed 80 years by 2050. At the same time, the population of working people needed to support the elderly is shrinking.
New retirement age in China
“Retirement age will be raised for men from 60 to 63while for women performing white-collar work it will be increased to 58 years from 55. For women who work manual labor will be increased from 50 to 55” – reports Reuters.
The changes will be introduced from January 1, 2025 and will be implemented for 15 years.
Experts say working longer would ease the pressure on pension budgets in many Chinese provinces, which are already facing large deficits. However, officials are not assuming everyone will be happy with the new idea. According to Xiujian Peng, a senior researcher at the University of Victoria in Australia, raising the retirement age could reduce the risk of unemployment. the government can increase the labor force participation rate, which will help mitigate the negative effects of population aging.
Retirement age in Poland
Recently, the statement of the new president of the Social Security Institution made a lot of noise in the context of the retirement age in Poland, which is currently 60 years for women and 65 years for men.
Zbigniew Derdziuk highlighted in an interview with “Super Express” that the biggest challenge for Poland is demographics.
– The issue of raising the retirement age in Poland was handled very poorly and, as a result of political decisions, was blocked. But it’s worth at least having a debate so that people have an idea of what it really is like – said the president of ZUS.
Agnieszka Chłoń-Domińczak, director of the Institute of Statistics and Demography at the Warsaw School of Economics, says, quoted by money.pl, that raising the retirement age has become necessary to ensure the stability of the social security system in the future.
– It’s standard 67 for both sexes – she pointed.
