China to Gradually Raise Retirement Age Starting January 2025

The move aims to address an aging population and pension funding crisis, marking the first change in retirement age since the 1950s.

China's top legislative body approved the plan to raise the retirement age for men from 60 to 63 and for women from 50 or 55 to 55 and 58, depending on their jobs.
The changes will be implemented incrementally over 15 years, starting January 1, 2025, with gradual monthly increases based on birthdates.
By 2030, the minimum years of pension contributions required will increase from 15 to 20 years.
The reform aims to ease pressure on the pension system, which is projected to run out of funds by 2035 without changes.
The decision has sparked mixed reactions, with some expressing concern over job market impacts and others acknowledging the necessity given China's demographic challenges.