Retirement Age Moved to 65 to Offset Labor Shortages
Human resource officials suggested that men and women should retire no younger than 65 to offset serious labor shortages in the country’s rapidly aging society by 2045. Currently the official retirement ages are 60 for men and 50 women will also be extended in 2016.
In 2050, officials will be expecting China’s labor force to drop from 970 million in 2010 to 870 million in 2050. And by 2030 China will be facing a serious labor shortage. Experts are saying that a flexible retirement plan must be proposed and highly skilled professionals are advised to delay their retirement.
Last March the Ministry of Human Resources and Social Security said that the country planned to push back workers retirement age but have not yet released any details on the timetable. According a forecast by the United Nations, that three out of ten Chinese people will be older than 60 in 2040. Life expectancy of Chinese people is at 73 years and is expected to rise to 74 in the next five years.