China is set to implement its first adjustment to the statutory retirement age since the 1950s. According to a local news agency, the Standing Committee of the National People’s Congress (NPC) has approved a plan to extend the retirement age over a 15-year period.
The changes will gradually raise the retirement age starting 1 January, 2025.
As per the changes, the retirement age for men will be gradually increased from 60 to 63, while for women, the age will rise based on their job classification. Female blue-collar workers will see their retirement age extended from 50 to 55, and female white-collar workers will see it increase from 55 to 58.
In addition to this change, starting in 2030, the minimum years of basic pension contributions required to receive monthly benefits will be adjusted. The contribution period will gradually increase from 15 years to 20 years, with a six-month increase each year.
The reform will allow individuals to voluntarily retire up to three years earlier than the new statutory age after meeting the pension contribution requirements, but not before the original retirement age. Conversely, workers can delay retirement by up to three years through agreements with employers. This flexibility provides employees with more options in managing their retirement timeline.
The decision was made after a comprehensive assessment of factors such as average life expectancy, health conditions, population structure, education levels and workforce supply in China.