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Sep 14, 2024
Aging Population
China faces a rapidly aging population due to decades of low birth rates and longer life expectancy. By raising the retirement age, the government aims to extend the working years of its citizens, helping to balance the economic burden of a shrinking workforce and an increasing number of retirees.
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Economic Pressure
With fewer young workers entering the labor market, China's economic growth could slow down. Raising the retirement age helps maintain a larger workforce, ensuring continued productivity and supporting long-term economic stability.
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Sustainability of Pension System
China's pension system is under growing pressure due to an imbalance between contributors and beneficiaries. Raising the retirement age is seen as a necessary measure to alleviate the financial strain on pension funds by reducing the number of retirees drawing benefits.
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Global Trend
Many countries facing similar demographic challenges, like Japan and South Korea, have already raised or are considering raising retirement ages. China's decision aligns with global practices aimed at addressing workforce shortages and ensuring economic resilience.
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