China’s population is set to decline in 2023 for the second year in a row, signaling serious problems for the economy.
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China’s legal retirement age will be gradually raised, the official Xinhua news agency announced Friday, September 12. This is a first in decades in the world’s second most populous country, threatened by a serious demographic crisis.
The legal retirement age for men will gradually be raised to 63, from the current 60, and that for women will go from 50 to 55, or from 55 to 58, depending on the type of work performed. This increase will extend over 15 years starting in 2025, specifies Xinhua.
China’s population is set to decline in 2023 for the second consecutive year, auguring serious problems for the economy, health care and social welfare systems, with a growing number of senior citizens.
The new rules will also allow employees to “delay their retirement to an even later date if they reach an agreement with employers”specifies Xinhua. Before this announcement, state media had prepared minds by publishing articles praising the merits of working longer.