China will raise the retirement age for the first time since 1978, a move likely to slow a decline in the labour force and support the economy. — NA BIAN/Bloomberg
CHINESE employees began processing the news that they would have to work at least three extra years after officials announced they would raise the country’s retirement age from 2025.
“My first reaction is: so when can I get my pension?” a 30-year-old marketing professional who gave her name as Xinzi, said in Beijing.
“I’m worried that we modern people now are so competitive and distressed that our health may not see us through to that age,” she said.
Xinzi said she was also concerned about the current job market, where China’s youth unemployment stood at 17.1% in July, and whether the extension would make people reconsider having children, exacerbating China’s ageing population.
University student David said he felt “a bit reluctant about working so long”, but said he “can understand the decision”.
“The country is probably thinking about its ageing population”, the intern at a PR firm, who only wished to give his first name for privacy reasons, said.
Ageing society
China is facing a rapidly ageing society: its population fell in 2023 for the second year in a row, with policymakers warning of potentially severe impacts on the economy, healthcare and social welfare systems if action is not taken.
Online, a related hashtag quickly shot to the top of social media platform Weibo’s “hot search” list, garnering 560 million views.
Some were supportive of the move. “It’s more moderate than I expected, I can accept it,” read one Weibo comment with over 3,000 likes.
“National policies are in line with the country’s conditions,” another user wrote.
“I don’t know how they thought up this policy, young people are already so anxious, now the retirement age is being extended,” one comment read.
“We’re eating pre-made meals, living in shared apartments, working endless shifts. Don’t feel too sad, everyone; in 15 years, the retirement age will probably be raised again,” read another.
A 21-year-old entrepreneur in Beijing who gave his name as Ha Lide said: “I’m not surprised, I think delaying retirement is an inevitable process.
“If the ageing population is severe... there won’t be enough money to distribute for pensions”, he said.
“I’ll just have to bear the three extra years of work.” – AFP
