Starting in 2025, China is shaking up its retirement game! 🎉 The country just announced interim measures to implement a more flexible retirement system, gradually raising the retirement age over the next few years.
So, what's changing? 🤔
- 🇨🇳 For men, the retirement age will increase from 60 to 63 over 15 years, starting January 1, 2025.
- 👩💼 Female cadres will see their retirement age rise from 55 to 58.
- 👩🔧 Female blue-collar workers will have their retirement age move from 50 to 55.
But wait, there's more! 📢
Starting in 2030, the minimum years you need to contribute to your basic pension to receive benefits will increase from 15 to 20 years, adding six months annually. 🗓️
Feeling like you want to retire early? 🌴 No worries! You'll be allowed to retire up to three years earlier after meeting the minimum pension contributions—but not before the previous statutory age.
Or maybe you're not ready to hang up your boots? 👢 You can also choose to delay retirement by up to three years if you and your employer agree. 👍
\"A flexible retirement system gives people greater choice to pick their retirement time based on their own needs, willingness to work, physical conditions, family circumstances, and corporate needs,\" says Zhang Yi, a professor from the School of Public Economics and Management of Shanghai University of Finance and Economics. 🧠
Plus, retiring later has perks! 🎁 \"If people retire a year later, the average social salary will be higher, the payment period will be longer, and the pensions will be higher,\" Zhang adds.
Looks like China's gearing up for a more dynamic workforce and giving individuals more control over their golden years! ✨
Reference(s):
China unveils interim measures for flexible retirement system
cgtn.com
