Later retirement, better life

Raising the superannuation age will be good for China's labor market and help the basic pension scheme become sustainable

China will raise the retirement age in gradual steps, as proposed by the communique issued by the Third Plenum of the 18th Communist Party of China Central Committee, ending the debate on whether raising the retirement age is good for the country's labor market.

The retirement age is related to people's immediate interests, and most of the respondents to a recent online opinion survey said they were opposed to raising the retirement age. The government, nevertheless, has decided to go ahead with the plenum's decision because the basic pension insurance scheme cannot be sustained if the mandatory retirement age is not raised.