China to raise retirement age

China to raise retirement age

Beijing, Feb 28 (IANS) China will set a plan to raise the statutory retirement age in 2017 to relieve pressures from an aging population, a media report said on Sunday.

"The plan is likely to be implemented in 2022 after a five-year transitional period," Jin Weigang, a researcher with the human resources and social security ministry, said on Saturday.

The government is preparing to postpone the retirement age as a shrinking workforce has begun to bite into the country`s labour market and pension system, Xinhua news service reported.

he population of people aged between 16-60 fell by 4.87 million to 911 million in 2015, the fourth consecutive year of decline, official data showed.

China`s retirement age is 60 for men, 55 for female white-collar workers and 50 for female blue-collar employees.

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