The mainland intends to extend the retirement age of workers included in the “14th Five-Year Plan”

The mainland Ministry of Human Resources and Social Security Vice Minister Youjun responded today (26) to the issue of delayed retirement of mainland workers, will work with relevant departments in the study of specific reform proposals, to draw on internationally accepted practices and experience. The retirement age in the world’s major economies is now generally above 65 years old. reports that as the mainland gradually enters an aging society, the issue of delayed retirement has begun to attract public attention. The current legal retirement age on the mainland is 60 for male employees, 55 for female cadres and 50 for female employees.

The “Proposal of the Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development and the Visionary Goals for 2035” has once again put the issue of delayed retirement on the agenda. Among them, on the establishment of a multi-level social security system, it is pointed out that the basic pension insurance co-ordination, the implementation of progressive delay in the statutory retirement age. The development of multi-level, multi-pillar pension insurance system.

Youjun said that the current regulations were determined at the beginning of the mainland based on many factors such as Life expectancy per capita, labor conditions, and employment methods at that Time, which should be said to be in line with the situation at that time. After the reform and opening up, the mainland economy and society have undergone tremendous changes, and the problem of low retirement age in general has become prominent.

The average life expectancy of the mainland population was around 40 years old at the beginning of the Communist Party, and has increased to 77.3 years old in 2019. The per capita life expectancy of urban residents has exceeded 80 years.

The number of people of working age on the mainland has been declining since 2012, with an average annual decrease of more than 3 million people, and the decrease is expected to increase to 35 million during the 14th Five-Year Plan period.

Youjun said that the retirement age is usually set at 65 years old internationally. Delaying the retirement age is a common practice for countries around the world to cope with the aging of the population.