CHINA Like the French, the Chinese oppose raising the retirement age

It is the probable response of the government to the effects of the rapid aging of the population on the pension system. According to a survey, 74% of those surveyed want to retire before the age of 55; only 6% accept it after 61. A reform is being studied to raise the retirement age to 65, which would have strong social and economic effects.

Beijing () – Most Chinese do not want to retire at a later age, but the government is likely to intervene in this regard to contain the economic and social effects of the progressive aging of the population. According to a recent survey of life timesdisclosed by Nikkei Asia74% of those surveyed think that it is fair to retire before the age of 55 and only 6% after the age of 61.

The state of mind of the Chinese is not very different from that of many French people who these days demonstrated against the reform that would increase the retirement age from 62 to 64 years. This was also demonstrated by the massive protests in February, when thousands of retirees protested in Wuhan (Hubei) and Dalian (Liaoning) against the cuts that the provincial authorities had applied to their health benefits.

Currently, in China, male workers retire at 60 and female workers at 55. The average retirement age in the country is 54, 11 years younger than in advanced countries.

The problem for a rapidly aging Chinese society is that it will have less manpower to fuel the economy and pay those who are already retired. Currently, in China there are 2.26 workers who contribute to the allowance of an elderly person: it is estimated that in 20 years it will be 1.25.

It is estimated that in the next 10 years some 228 million Chinese will retire. The government is studying a possible response so as not to jeopardize the pension system. The one that is most contemplated is to establish retirement for everyone at age 65 in the next 30 years.

As in the West, the extension of working life has two main implications: the first is that there will be fewer grandparents to support and help young families with children. The second is that there will be fewer and fewer jobs for those who enter the labor market: a problem in China, where youth unemployment is close to 19%.