EGN NEWS DESK
Hong Kong –
China will step by step increase its statutory retirement age, at the moment among the many world’s lowest, to permit individuals to work longer because it struggles to alleviate hovering stress on pension budgets, with many provinces already going through deficits.
China will step by step increase its statutory retirement age, at the moment among the many world’s lowest, to permit individuals to work longer because it struggles to alleviate hovering stress on pension budgets, with many provinces already going through deficits.
The reform is pressing, with life expectancy having risen in China to 78 years by 2021 from about 44 years in 1960, outstripping the United States, and is projected to exceed 80 years by 2050.
Sunday’s announcement got here in a key coverage doc that additionally rolled out plans to sharpen a method to fight a declining delivery charge and an ageing inhabitants that fell for a second straight yr in 2023, and is seen falling for many years.
