The retirement age will be raised in a smart and orderly manner, taking voluntary participation and appropriate flexibility into account, according to a government document published on Sunday. Currently, men in China retire at 60, women at 55. Female factory workers can do so at 50.
Life expectancy has increased by 34 years since 1960
Life expectancy in China is now 78 years, which is higher than in the USA. In 1960, the average life expectancy in China was 44 years. This puts considerable pressure on pension funds. According to the document, the reform is to be completed in 2029. It does not contain any specific information on the target retirement age. The national health authority assumes that the number of people aged 60 and over will rise from the current 280 million to over 400 million by 2035.
In total, there are around 1.4 billion people living in China. At present, five employees pay for one pensioner. Ten years ago, the figure was twice as high. By 2030, there will be four employees for one pensioner, and by 2050, the ratio is expected to be two to one.
