Delayed retirement in 2018 or 2022

There is no official timetable.

On November 12, 2013, the third plenary session of the 18th Central Committee of the Chinese ****productivity Party adopted the "Decision of the Central Committee of China **** on a number of major issues on comprehensively deepening the reform", pointing out that: study and formulate the policy of gradually delaying the retirement age, and clarified in the top-level design.

On Oct. 14, 2015, Yin Weimin, minister of the Ministry of Human Resources and Social Affairs, said that the Ministry of Human Resources and Social Affairs will make public the delayed retirement reform plan after approval by the central government.

In November 2015, Li Zhong, spokesman for the Ministry of Human Resources and Social Security, said it would take small steps to get the delayed retirement policy off the ground, delaying it by a few months each year and finally putting it in place.

Expanded:

Delayed retirement, that is, delayed retirement age, refers to the state combined with some foreign countries are discussing or have decided to raise the retirement age policy to comprehensively consider China's demographic changes in the situation, the situation of employment and gradually increase the retirement age to delay the retirement system.

In June 2013, due to employment pressure and other multiple reasons, the Ministry of Human Resources and Social Security has shelved the idea of delaying retirement, only from the research, academic discussions.

To November 2013, on November 12, 2013, the third plenary session of the 18th Central Committee of the Chinese **** Producers Party adopted the "Decision of the Central Committee of China **** on a number of major issues on comprehensively deepening the reform", pointing out that: study and formulate the policy of gradual delay of the retirement age. It is clear that the top-level design of the policy of delaying retirement gradually and progressively.

A questionnaire survey conducted by the People's Daily in 2013 in conjunction with Clear Research Consulting and YouCount Consulting showed that nearly 70% of the respondents were opposed to delaying retirement, and 59% of the respondents believed that the time was ripe to abolish the two-track retirement system. In addition, 73.5 percent of respondents support the implementation of flexible retirement system.

Reasons for implementation

Why delay retirement? Because there is a deficit in the pension fund. Why is there a deficit in the pension fund? Because when the pension system was converted, it left a huge shortfall. Why does the pension system need to be converted? Because there is no way out of the state's big-package pension system that was initially developed.

In July 2012, the UNESCO Press and the China Academy of Personnel Sciences released the Human Resources Development Report (20112012). The report shows that the average retirement age of China's current urban population as a whole is 56.1 years old, with men retiring at an average of 58.3 years old and women at 52.4 years old.

The report argues that China's retirement age is on the low side because most workers are still relatively healthy and energetic in this age group, and this retirement age creates a waste of China's human resources.

Only 26.9 percent of China's population aged 60 and older are in poor health, and many of these people are highly skilled and have accumulated a wealth of expertise and leadership and management experience. They argue that China's under-utilized and under-developed under-aged population.

Mo Rong and Chen Lan predicted that in the next 20 years, as China transforms its economic development and develops its tertiary sector, the demand for the physical strength of laborers will decline, while the demand for communication skills and other requirements will increase, and the demand for geriatric resources will rise.

And future changes in the working-age population will also make society's demand for older people's employment increase, and the working-age population aged 16-59 will continue to decline in the future, gradually slipping from 920 million in 2011 to 700 million in 2050.

This is the first time that China has seen an increase in the number of working-age people in the country.

References:

Baidu Encyclopedia-Delayed Retirement