Get the latest tech news

China raises retirement age for first time since 1950s

The plan, which will set in from January, has been on the cards for a few years as China's population ages.

According to the plan passed on Friday, the change will set in from 1 January 2025, with the respective retirement ages raised every few months over the next 15 years, said Chinese state media. The state-run Chinese Academy of Social Sciences said in 2019 that the country's main state pension fund will run out of money by 2035 - and that was an estimate before the Covid-19 pandemic, which hit China's economy hard. The plan to raise retirement ages and adjust the pension policy was based on "a comprehensive assessment of the average life expectancy, health conditions, the population structure, the level of education and workforce supply in China," Xinhua reported.

Get the Android app