Young Chinese people were outraged after a report from a key Chinese Communist Party meeting mentioned the need to raise the retirement age. Currently, the retirement age in China is 50 for women with manual labor, 55 for women with intellectual labor, and 60 for all men.. These are among the lowest values among developed economies.
According to estimates by the Center for Strategic and International Studies, China’s elderly dependency ratio could rise from the current 21% to 52% in 2050 and as much as 83% in 2100By comparison, in the United States, this figure is expected to rise to 39% in 2050 and 55% in 2100.
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China may raise retirement age
Experts argue that Raising the retirement age could slow the decline in China’s workforce and reduce pressure on the pension system. Wang Tao, UBS’s chief China economist, points to the inequalities in the current system. “Some people receive very high pensions, and 70 percent of people receive very low benefits or no benefits at all,” she explains on Ft.com.
Gao Lingyun, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, emphasizes that the current low retirement age was set when average life expectancy was much lowerand few people pursued higher education. Today, the average life expectancy in China is approaching 80 years, and more than 60 percent of young people pursue higher education.
Young Chinese are worried about their future
The proposal to raise the retirement age has been met with sharp criticism from the younger generation of Chinese. They are concerned about their career prospects in the face of the economic slowdown and the real estate crisis.. Rumors have been circulating on social media that the retirement age could be raised to 65 for those born after 1990.
Some middle-class people are also expressing dissatisfaction. Gong, a 51-year-old engineer from Beijing, says the “current group of retirees has over-employed the country’s development dividend,” enjoying early retirement and the fruits of China’s rapid economic growth.
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