Following reports that china’s state pension fund is set to run out of money by 2035, as the population rapidly ages, authorities plan to postpone the retirement age in a gradual manner, Aljazeera reports.
China’s retirement policy was set 50 years ago, with men allowed to file for retirement benefits when they turn 60 while women in blue-collar jobs can retire when they are 50 and female office workers at 55. Even as life expectancy has risen in places like Japan and Taiwan, most men and women can retire and start drawing a pension at 65.
The Communist Party’s statement produced a fierce backlash domestically with tens of thousands of angry comments posted on Weibo, China’s equivalent of Twitter.
Top among the complaints were from those closest to retiring, expressing anger over the prospect of delayed access to their pensions. Younger people argued that an increase in older workers would reduce their employment opportunities.
China is pushing ahead with the plans, “delayed retirement is approaching, the state-run China business news said on its front page on Monday, 30 November.