Re­tire­ment age to rise to help pen­sion fund

China Daily (Canada) - - FRONT PAGE -

China will grad­u­ally raise the of­fi­cial re­tire­ment age be­cause the coun­try’s pen­sion fund will come un­der tremen­dous pres­sure to break even, a top of­fi­cial said.

Yin Weimin, min­is­ter of hu­man re­sources and so­cial se­cu­rity, did not say when re­tire­ment age will be raised. He said any pol­icy changes will be phased in over five years. The re­tire­ment age is as low as 50 for some fe­male work­ers.

“The pen­sion fund

faces tremen­dous pres­sure in terms of break­ing even in fu­ture,” he told re­porters at a brief­ing on the side­lines of the an­nual meet­ing of China’s par­lia­ment.

The fund’s in­come stood at 2.3 tril­lion yuan ($367.3 bil­lion) in 2014, ex­ceed­ing its ex­pen­di­ture of 2 tril­lion yuan for the year, he said. In com­ing years, the pro­por­tion of Chi­nese over the age of 60 will rise to 39 per­cent of the pop­u­la­tion, from 15 per­cent now, Yin said.

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