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
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.
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
What a hypothetical
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?
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.
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).