Chi­nese Youngest Re­tirees

China Today (English) - - FOCUS -

The av­er­age re­tire­ment age in China, at 55, is the youngest in the world, ac­cord­ing to Yin Weimin, min­is­ter of Hu­man Re­sources and So­cial Se­cu­rity. The cen­tral govern­ment is at present con­sid­er­ing a steady rise in the re­tire­ment age. This is im­per­a­tive for a coun­try that is be­com­ing old be­fore get­ting rich.

China now has 210 mil­lion peo­ple aged above 60, rep­re­sent­ing 15.5 per­cent of its pop­u­la­tion. This fig­ure will rise to 19.3 per­cent by 2020 and 38.6 per­cent by 2050. In con­trast, by 2020 the old-age de­pen­dency ra­tio will fall from the cur­rent 3.04:1 to 2.94:1 and to 1.3:1 by 2050. This de­mo­graphic change will have tremen­dous im­pact on China’s pen­sion and med­i­cal care sys­tems.

The ex­ist­ing re­tire­ment pol­icy dates back to the early 1950s, Yin said, when life ex­pectancy was less than 50. As, on av­er­age, Chi­nese peo­ple now live well into their 70s, the pol­icy is ob­vi­ously ob­so­lete.

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