Authorities working on plan to delay retirements
China’s top human resources and social security authority is working on a plan to delay retirements in response to a shrinking working-age population.
The working-age population is expected to drop to 700 million by 2050, a “sharp decline” from the estimated 830 million in 2030, said Li Zhong, spokesman of the Ministry of Human Resources and Social Security.
“Data released by the National Bureau of Statistics show that this population has been in decline since it peaked at 925 million in 2011,” Li said, adding that the idea of revising the current retirement age and delaying retirement was floated against that backdrop.
According to Li, the government will gradually implement new retirement policies nationwide, rather than quickly applying them to all people at once. Li said the ministry was working on policy specifics, and that regulations would be open to public feedback before they are formally released and implemented.