According to the Ministry of Human Resources and Social Security, China’s elderly population will exceed 300 million in the next five years, and the working population will drop by 35 million. To cope with the aging society, in addition to speeding up the reform of the pension insurance system, a delayed retirement plan is also under consideration.
In a press conference held by the State Council Information Office on Feb. 26, Mr. You Jun, vice minister of the Ministry of Human Resources and Social Security, replied to a question about the aging and delayed retirement age, saying that after the reform and opening up, China’s economy and society have undergone great changes, and the problem of low retirement age in general is obvious.
You Jun pointed out that China’s per capita Life expectancy has reached 77.3 years in 2019, and it is expected that during the 14th Five-Year Plan period (2021-2025), China’s elderly population will exceed 300 million people, entering the stage of moderate aging from light aging.
In addition to the aging population, Youjun pointed out that the number of China’s working-age population is also declining year by year, starting from 2012, with an average annual decrease of more than 3 million, and the decrease is gradually increasing, and is expected to decrease by 35 million during the 14th Five-Year Plan.