China to Raise Retirement Age Amid Demographic Challenges

The policy aims to address the shrinking population and aging workforce, with changes starting in January 2025.

China's National People’s Congress has approved raising the retirement age for the first time since the 1950s.
The new retirement age will be progressively implemented over 15 years, increasing to 63 for men and up to 58 for women.
The policy change is a response to the country's aging population and the financial strain on pension funds.
By 2035, China’s elderly population is projected to reach 400 million, exacerbating the dependency ratio.
Experts caution that while necessary, the reform may cause short-term economic and social challenges.