China is making a new push to raise one of the world\u2019s lowest retirement ages as it tries to cope with a rapidly aging population, a move that\u2019s already fueling public discontent and will test the Communist Party\u2019s ability to implement reforms.<\/p>\n\n\n\n
The ruling party alluded to the change earlier this month when it released an outline of its five-year economic plan, which included a recommendation to \u201cimplement postponing the retirement age.\u201d Specific measures in the plan are due to be unveiled in March.<\/p>\n\n\n\n
China\u2019s retirement age has remained unchanged for more than four decades at 60 for men and 55 for female white-collar workers, 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.<\/p>\n\n\n\n
The global average was 62.7 years for men and 61.3 years for women, according to an analysis of 70 countries by insurer Allianz SE.<\/p>\n\n\n\n
Aging Rapidly<\/strong><\/p>\n\n\n\n The Communist Party\u2019s statement produced a fierce backlash domestically, with tens of thousands of angry comments posted on Weibo, China\u2019s 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. Even so, China is pushing ahead with the plans. \u201cDelayed retirement is approaching,\u201d the state-run China Business News said on its front page on Monday. It cited unnamed officials as saying that a \u201cgradual and flexible approach,\u201d had emerged as a consensus among policy makers.<\/p>\n\n\n\n China\u2019s plans to hike retirement age from 60 fuels public discontent<\/p>","protected":false},"author":4,"featured_media":880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nSource: Standard Business<\/em><\/h4>\n\n\n\n