China’s retirement age-hike may be approved

Beijing, Jan 5 (IANS) China’s plan to raise the retirement age may be put into action in 2016, but details still remain under discussion, the media reported on tuesday.

China’s ministry of human resources and social security (MHRS) will submit the plan to authorities for approval this year, and simultaneously solicit public opinions on the matter, the People’s Daily reported.

The present retirement age is 60 and the potential for a higher retirement age has sparked debate since it was first proposed.

Many academics believe it is necessary for the country to raise retirement age in order to cope with the ageing population and labour shortage.

However, the details for implementation are still in discussion. Experts debate whether it is better to adopt a one-size-fits-all approach or more flexible measures.

A report released by the Chinese Academy of Social Science found that if the retirement age was raised by one year every four years starting from 2020, China’s working population could be maintained at 450 million by 2050.

Raising the retirement age will also improve operation of the pension fund since paying members will increase, the report said.

However, some experts believe that the plan should include some flexible measures. For instance, people could choose to retire earlier or later, but their retirement age would be linked with a pension. That way, those who pay more can also get more after retirement.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here