China's top legislative body has approved a proposal to raise the country's retirement age, the official Xinhua news agency said on Friday, accelerating an overhaul of decades-old laws to tackle the economic pressure of a shrinking workforce.

The retirement age will be raised for men to 63 years old from 60, while for women in white collar work it would be raised to 58 years from 55. For women in blue collar work it will be increased to 55 from 50.

The changes are set to come into force on Jan. 1, 2025 and be implemented over a 15 year period.

Having people work for longer would ease pressure on pension budgets with many Chinese provinces already reeling from large deficits. But delaying pension payouts and requiring older workers to stay at their jobs longer may not be welcomed by all of them.

TFW you combat liberalism and lose

  • plinky [he/him]@hexbear.netOPEnglish
    34·
    6 days ago

    But even that is dumb (in itself). Just unbind pension into simple formula of taxes=(life expectancy -average age of retirement)/(working time). Can even do dumb referendums among workers every 5 years. Want more taxes and earlier retirement or less taxes and higher age? Instead some weird debt vehicles and deficits (and why in fuck its a province question?)

    And immigration implies need for constant growth, which why? Not that china shouldn’t accept immigrants, but for more humanitarian reasons.

    • Xavienth@lemmygrad.mlEnglish
      10·
      6 days ago

      It’s less about constant growth now and more about maintenance. As of last year, China’s population is declining, meaning over time, their population will be weighted towards the elderly.

      • plinky [he/him]@hexbear.netOPEnglish
        9·
        6 days ago

        Lets say new births stopped in china and everyone under 20 is killed. Every year out of 20-60 (working age cohort) 2.5 percent will retire. If your economy growth is 5 percent you are still golden on maintenance front for like 5-7 years.

        New births have not stopped nowhere nearly that badly

        • Moonworm [any]@hexbear.netEnglish
          4·
          6 days ago

          Lets say new births stopped in china and everyone under 20 is killed.
          If your economy growth is 5 percent you are still golden

          What a hypothetical

          • plinky [he/him]@hexbear.netOPEnglish
            3·
            6 days ago

            Because people under 20 only consume (in the social necessary sense), should i make graphs by taking current birth rate+demographic distribution to show that with increasing labor productivity raising retirement age is a pro-porky move to suppress wages?

            • GarbageShoot [he/him]@hexbear.netEnglish
              3·
              6 days ago

              Is it really true that teenagers don’t work in China? I admit that I’m ignorant but surely that can’t be right, even if it’s just uncompensated labor like helping with the family business or something.

              • plinky [he/him]@hexbear.netOPEnglish
                4·
                6 days ago

                but like realistically what percentage of people work? Say they all work after 17 (thats ignoring universities, whatever), and 20 % of petit bourgeoisie get help from 14 years old children, thats like average age of work start of 16.4.

                I dunno, i find weird seeing working 16 year olds, aside from, as you said, manning small shops, maybe

                (but i was being flippant for sake of round numbers).