China's top legislative body has approved a proposal to raise the country's retirement age, the official Xinhua news agency said on Friday, accelerating an overhaul of decades-old laws to tackle the economic pressure of a shrinking workforce.

The retirement age will be raised for men to 63 years old from 60, while for women in white collar work it would be raised to 58 years from 55. For women in blue collar work it will be increased to 55 from 50.

The changes are set to come into force on Jan. 1, 2025 and be implemented over a 15 year period.

Having people work for longer would ease pressure on pension budgets with many Chinese provinces already reeling from large deficits. But delaying pension payouts and requiring older workers to stay at their jobs longer may not be welcomed by all of them.

TFW you combat liberalism and lose

  • Sulvor [he/him, undecided]@hexbear.netEnglish
    24·
    2 months ago

    I’m not sure why this is getting so much hate. It’s necessary to maintain the workforce and care for the elderly population. They have to address the negative consequences of the one child policy, would you rather they just ignore them? This is what a centrally planned economy looks like.

    • BynarsAreOk [none/use name]@hexbear.netEnglish
      4·
      2 months ago

      Not sure why this type of garbage mainstream econ “common sense” got upvoted.

      Respecfuly, read Graeber’s BS jobs. China isn’t a magical place exempt from those issues. On the contrary, recent years there is an issue with larger youth unemployment due to too many graduates not finding white collar jobs i.e people want BS jobs that pay well and give benefits. It got nothing to do with productivity or the “workforce”.

      Tell the office workers in every T1 city they have to take 4h off every week to help with local community services for example, or just reduce the work hours in general.

      There are solutions, it requires the party to reevaluate their commitment to economic growth at any cost. China is a complicated topic but the easiest way for them to fail is to listen to exactly this type of mainstream western econ shitty rethoric and surprise surprise stupid decisions like this happens exactly when they do that.