China will raise the statutory age for retirement in a gradual, flexible, and differentiated manner. So said a social security expert.
According to the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, China will take small steps to raise the retirement age. It will also implement its flexibility, tailor policies for different groups, consider all factors, and make overall plans.
Taking small steps means the country will raise the retirement age by a few months every year and finish the reform in several years. So said Jin Weigang, head of the social security research institute under the Ministry of Human Resources and Social Security, in an interview with Xinhua.
People nearing retirement age will only have to delay retirement for several months, Jin said. He added that young people may have to work a few years longer but will have a long adaptation and transition period.
The most important feature of the retirement age reform is allowing people to choose when to retire according to their circumstances and conditions, said Jin.
This showcases the flexibility and inclusiveness of the reform, said Jin.
In China currently, the retirement age for men is 60, while for women, it is 55 for white-collar workers and 50 for blue-collar employees.
These differences will stay in place to ensure policy continuity, said Jin.
Jin said retirement age reform requires overall planning and coordination as it involves many supporting policies and measures.
The reform also faces challenges such as promoting employment and entrepreneurship of older workers through more targeted means, and offering more social security subsidies to those who have difficulty finding jobs and helping them get reemployed, said Jin.
