China MPs vote to raise retirement age

Chinese lawmakers on Friday voted to adopt a decision on gradually raising the statutory retirement age in the country, marking the first adjustment in the arrangement since 1950s. Under the decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress, the statutory retirement age for men will be gradually raised from 60 to 63 in the course of 15 years starting 2025, while that for women cadres and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively, reported China's Xinhua news agency. Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually, it said. Meanwhile, people will be allowed to voluntarily retire by no more than three years in advance after reaching the minimum year of pension contributions. But it is not allowed to retire earlier than the previous statutory age. Source: Kuwai t News Agency