China’s 14th Five-Year Plan, recently released by the Ministry of Human Resources and Social Security, states that China will have more than 40 million new retirees and 35 million fewer people of working age in the next five years, creating a huge challenge for the pension system.
This means that China will add an average of 8 million retirees each year for the next five years, far more than the 4.52 million people added last year.
The Chinese government made it clear earlier this year that it would gradually delay the mandatory retirement age, sparking strong concern from all sectors of society. Experts quoted by Xinhua News Agency previously said that the population born during the “baby boom” in 1963 will soon turn 60, which will lead to a rapid decrease in the number of pension contributions and a rapid increase in the number of recipients in China.
China’s legal retirement age has remained unchanged for nearly 70 years and is still 60 for men, 55 for female cadres and 50 for female workers.
The results of China’s seventh national census show that the percentage of people over 65 years old reached 13.5% of the total population last year and is about to enter the international standard of a deeply aging society.