The country’s authorities decided to raise the retirement age following a warning from the Chinese Academy of Sciences that if current trends continue, the pension system could run out of funds by 2035.
This was reported by the South China Morning Post.
This is due to the economic recession that the country is currently experiencing. Therefore, the retirement age for men will be raised from 60 to 63 years, and for women, from 55 to 58 years.
The retirement age will begin to rise gradually from 2025. For men, this process will take place over 15 years. For women, various changes are planned depending on the type of work they do: those engaged in manual labour (blue-collar jobs) will retire at age 55, instead of 50 as before; those working in office or administrative positions (white-collar jobs) will be able to retire at age 58 instead of 55.
The issue of raising the retirement age has been under discussion in China for several years amid tight local pension budgets. Starting in 2030, the minimum insurance period required to receive monthly pension payments will gradually increase from 15 to 20 years.
Recall that Cursor wrote that the Israeli company Mobileye announced that it will stop developing lidars for autonomous driving systems by the end of 2024. As a result of this decision, about 100 employees will be laid off. The company currently employs about 4,000 people.
