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This will mark the country’s first adjustment to the statutory retirement age since the 1950s.
As reported by Xinhua News Agency, China will gradually raise the statutory retirement age over the course of 15 years, starting 1 January 2025.
Approved by the Standing Committee of the National People's Congress (NPC) of the People's Republic of China, the statutory retirement age for men will be gradually pushed back from originally 60 to 63; while that for women blue-collar and white-collar workers will be extended from originally 50 and 55, to 55 and 58 respectively.
This will mark the country’s first adjustment to the statutory retirement age since the 1950s.
In addition to delaying the statutory retirement age, starting from 2030, the minimum year of basic pension contributions required to receive monthly benefits will also be adjusted, gradually being raised from 15 years to 20 years with an increase of six months annually.
People will be allowed to voluntarily retire no more than three years in advance after reaching the minimum year of pension contributions. However, they shall not retire earlier than the original respective statutory retirement age. On the other hand, individuals can further delay retirement by no more than three years on an agreement with employers.
A comprehensive assessment of various factors, including the average life expectancy, health conditions, population structure, level of education, and workforce supply in China, has been made to formulate the plan to delay the statutory retirement age.
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