China raised the retirement age for the first time since the 1950s.
China's National People's Congress has approved a proposal to increase the retirement age, under which the retirement age of women in blue-collar jobs will be increased from 50 to 55, while the retirement age of women in white-collar jobs will be increased from 55 to 58 years.
According to the proposal, the retirement age for men will be increased from 60 to 63 years.
According to foreign media, the application of the increase in the retirement age will start from January 1, 2025 and will reach the target of the desired increase in the retirement age in the next 15 years.
According to foreign media, China is facing an increasing number of elderly people and an increasing burden of pensions, the current retirement age in China is the lowest in the world.
From the year 2030, employees will have to contribute money to the social security system to get pension, while from 2039 onwards, employees will have to contribute money to the social security system for 20 years to be eligible for pension.
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