A backlash in China over retiring later

A backlash in China over retiring later

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Islam News – China plans to delay retirement — now at 50 or 55 for women, and 60 for men — as its population ages and pension funds run low. The idea is deeply unpopular.

Older people say they will be cheated of their promised timelines. Younger people worry that competition for jobs, already fierce, will intensify.

China said last month that it would “gradually delay the legal retirement age” over the next five years. Its graying population — and declining birthrate — means the labor force is shrinking. A 2019 report predicted that the country’s main pension fund would run out by 2035.
The Chinese government abandoned an effort to raise retirement ages in 2015 in the face of an outcry. This time, it seems determined to follow through and address one of the country’s most pressing issues.

A strong reaction: After the announcement, retirement-related topics trended for days on Chinese social media, racking up hundreds of millions of views and critical comments.

China’s current standards were set in the 1950s, when life expectancy was, on average, in the early 40s. But as the country has swiftly modernized, citizens can now expect to live nearly 77 years.

Source: The New York Times