Latest policy on delayed retirement

The latest delayed retirement policy was implemented in 2022. The policy raises the statutory retirement age while increasing the number of ways for flexible employment and insured persons to receive their pensions. In addition, the policy gives incentives to those who continue to work after retirement.

The delayed retirement policy to be implemented in 2022 has the following main points:1. Raising the statutory retirement age: The policy gradually raises the statutory retirement age to 65 years old, with the following specific arrangements: starting from Jan. 1, 2022, the statutory retirement age will be raised from 60 years old to 61 years old; and starting from 2023, it will be raised by another month each year until it reaches the age of 65 in 2028.2. Increase access to pensions for flexibly employed and insured persons. This policy allows insured persons to choose to receive an early pension when they have not yet reached the statutory retirement age, but the number of years of contributions needs to be 15 years; it allows them to continue to pay social security contributions and accumulate the number of years of contributions even after the statutory retirement age is reached.3. Preferential policies for continuing to work after retirement. This policy allows people who have already received a pension to continue to work, while still paying social security fees in accordance with the provisions of the law, and can also enjoy a number of preferential policies, such as increasing the number of years of contributions, the monthly contribution base floating and other preferential policies.

What is the impact of the delayed retirement policy on enterprises? The impact of the delayed retirement policy on enterprises is mainly due to the increase in the working life of employees and labor supply, which will make enterprises face certain management and organizational challenges in the short term. However, in the long run, the implementation of the policy will contribute to the stability of the labor market and the security of employees' employment, which is conducive to the sustainable development of enterprises.

The latest delayed-retirement policy, implemented in 2022, raises the statutory retirement age, increases the number of ways for flexibly employed and insured people to receive their pensions, and gives preferential policies to those who continue to work after retirement. The implementation of these policies will provide more choices and protection for workers, but also place higher demands on the management and organization of enterprises.

Legal basis:

Temporary Measures of the State Council on the Retirement and Retirement of Workers Article 1 Workers of enterprises and institutions under universal ownership, as well as of Party and government organizations and mass organizations, shall retire if they meet one of the following conditions. (a) Men who have reached the age of sixty and women who have reached the age of fifty, with ten years of continuous service. (ii) Workers who are engaged in underground, high-altitude, high-temperature, particularly heavy physical labor or other work harmful to their health shall retire if they have reached the age of fifty-five for men and forty-five for women, and have completed ten years of continuous service. The provisions of this subparagraph also apply to basic cadres whose working conditions are the same as those of workers. (C) Men who have reached the age of fifty and women who have reached the age of forty-five, with ten years of continuous service, and who are certified by a hospital and confirmed by the Labor Appraisal Committee to be totally incapacitated for work. (D) work-related disability, certified by the hospital and confirmed by the Labor Appraisal Committee, total loss of working capacity.