China to raise retirement age for 1st time since '50s

The Chinese National People's Congress adopted on Friday a decision to raise the country's retirement age for the first time since the 1950s, Azernews reports.

The change will be gradual and will see the retirement age for men increase from 60 to 63 over a period of 15 years from 2025. Women in blue-collar jobs will retire at 55 instead of the current 50, while women in white-collar jobs will have their retirement age raised from 55 to 58.

The lawmakers also approved changes to the minimum number of years of contributions in order to receive a pension, which will grow from 15 to 20 in six-month increments per year. Workers will not be able to retire voluntarily before reaching the age requirement more than three years after the 20-year contribution minimum. They will be allowed to retire up to three years after the minimum age requirement in agreement with their employer.