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

  • queermunist she/her@lemmy.ml
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    2 months ago

    I don’t understand why immigration into China isn’t higher. It’d pretty handily address the problems of a “shrinking workforce.”

    • plinky [he/him]@hexbear.netOP
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      2 months 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.

      • queermunist she/her@lemmy.ml
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        2 months ago

        I suppose they need to continue raising the consciousness among the people and adding random migrants means that progress has to contend with even more inputs. A steady state population is easier to actually develop in some ways.