Breaking News

China Raise Retirement Age For The First Time in 70 Years and Passes Law

@londonbusinessmagazine

Read More

Sep 14, 2024

Arrow

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.

@londonbusinessmagazine

Read More

Arrow

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.

@londonbusinessmagazine

Read More

Arrow

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.

@londonbusinessmagazine

Read More

Arrow

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.

@londonbusinessmagazine

Read More

Arrow

@londonbusinessmagazine