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China to Gradually Raise Retirement Age Amid Demographic Crisis
China to Gradually Raise Retirement Age Amid Demographic Crisis....KINDLY READ THE FULL STORY HERE▶
China has announced plans to gradually raise its statutory retirement age as the country confronts an urgent demographic crisis marked by an aging population. According to state news agency Xinhua, the changes aim to address the challenges posed by a shrinking workforce and increasing life expectancy.
The retirement age for male workers will extend from the current 60 years to 63 years. For female workers, the retirement age will increase from 50 or 55 years to 55 and 58 years, respectively, depending on their job type. This adjustment is part of a broader initiative that will see the retirement age rise gradually over a period of 15 years, starting in 2025.
Additionally, starting in 2030, the minimum requirement for basic pension contributions will increase from 15 years to 20 years. This change will occur incrementally, with an increase of six months each year. These reforms also provide flexibility, allowing workers to postpone retirement beyond the new minimum age if they reach an agreement with their employers.
The adjustments follow a report from the International Labour Organisation (ILO) released in June 2020, highlighting the need for reform. The new legislation was passed by the National Assembly in November 2019, after extensive consultations with experts, stakeholders, and the general public.
The transition will unfold over several years, with male workers expected to see their retirement age increase to 62 years and 3 months by 2028. Female workers will have a longer transition period, with a planned retirement age increase to 60 years and 4 months by 2035.
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UNIABUJA Honours Odili, Ali, Issa As 17,300 Students Graduate.
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FG Bans Importation Of Paracetamol, Metronidazole And Other Medicines.
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