China's top legislature on Friday adopted a decision on gradually raising the statutory retirement age in the country. The retirement age for men will be raised from 60 to 63 in the course of 15 years starting 2025, while for women cadres it will be raised from 55 to 58 and from 50 to 55 for women blue-collar workers, the Xinhua News Agency reported.
The decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress marks the first adjustment in the arrangement since 1950s. The plan was formulated on the basis of a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China, according to Xinhua.
Experts noted that the adjustment aligns with domestic changes in demography and the country's overall development as well as international practices, which will also actively help tackle the demographic change in an aging population.
Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually.
People will be allowed to voluntarily retire by no more than three years in advance after reaching the minimum year of pension contributions. But it is not allowed to retire earlier than the previous statutory age.
The new plan will also allow individuals to postpone retirement to an even later date if they reach an agreement with employers, but such a delay should be no more than three years.
