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China Approves Plan for First Hike to Retirement Age Since 1978

  • China's legislature approves raising the retirement age starting January 1, gradually increasing it to 63 for men and 55-58 for women over 15 years.
  • The minimum working period for monthly pensions will also extend from 15 to 20 years beginning in 2030.
  • The policy addresses a shrinking workforce and pension shortfall concerns, as noted by the Associated Press and Chinese state media.
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For the first time since the 1950s, China will raise the retirement age. The authorities are making this decision against the background of a growing elderly population in the country and a reduction in the pension budget.

·Vilnius, Lithuania
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einnews.com broke the news in on Wednesday, September 11, 2024.
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