Employers will need to update their retirement policies as China
raises the retirement age to ease mounting pressures on pension
funds and the effects of an aging workforce.
Employer Action Code: Act
The government has approved legislation to increase the social
security statutory retirement age by three to five years gradually
over a 15-year period starting January 1, 2025.
Key details
Over the 15-year period starting January 1, 2025, normal
retirement age (NRA) will gradually increase:
- From age 60 to 63 for men
- From age 55 to 58 for women in salaried positions
- From age 50 to 55 for women factory workers
These are the first increases to NRA since the system was
established in the early 1950s, when life expectancy at birth was
below age 45. Life expectancy rose dramatically by the end of the
1980s to age 68 and is now age 78 (Asian Development Bank data).
Currently, the minimum insured service requirement for eligibility
for a retirement pension
