China to raise retirement age

China’s legal retirement age will be gradually raised, the official Xinhua news agency announced Friday, as an aging population threatens to plunge the country into a severe demographic crisis. The legal retirement age for men will be gradually raised to 63, up from 60 at present, and that for women will be raised from 50 to 55 or from 55 to 58 depending on the type of work performed, the agency said, citing a government decision.

This increase will be extended over fifteen years from 2025, New China says. The new rules will also allow employees “delay their retirement to an even later date if they reach an agreement with the employers”New China adds. In addition, from 2030, the minimum number of years of work to qualify for a retirement pension will increase from fifteen to twenty years, at a rate of six months more each year.