Last Updated on 26/07/2024 by wccexam Desk
Troubled by the aging working population, China is now planning to increase the retirement age of employees. In fact, due to the decreasing birth rate and increasing elderly population, there is a huge shortage of people to work in China. In such a situation, it has been decided not to retire the existing working people early. After its implementation, the retirement age in China can increase by 10 years, which will be implemented gradually in several phases.
Currently, in China, men retire at the age of 60 and women at the age of 55. Women who are involved in hard work get retirement at the age of 50. China is one of those countries in the world where the retirement age is very low.
There are 300 million pensioners in China.
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Life expectancy in China has now become more than that of America. According to the World Bank report, life expectancy in China has reached 78 years while in America it is 76 years. The China Pension Development Report states that the retirement age should be 65 years for men and women. The reason for this is that the population receiving pension in China has increased to more than 30 crores.
In such a situation, the government wants to give this money to the people as salary. Many countries in the world are considering increasing the retirement age due to low population growth and decrease in the number of working people. Apart from this, many countries have already increased the retirement age.
Retirement at 77 years in many European countries
Countries like Denmark, Greece, Italy, Iceland, Israel have the provision for retirement at the highest age of 77 years. In America, this age is 66 years, which has been increased to 67 years for people born after 1960. In Sri Lanka, the retirement age was 55 years, which was increased to 60 years in 2022. Currently, Thailand has the lowest retirement age of 55 years. In France, the retirement age was increased from 62 to 64 in 2023. In Britain, the retirement age is 66 years, which will be increased to 67 between 2026 and 2028 and then to 68 between 2044 and 2046.
Retirement age is different in India
If we talk about India, the retirement age is not uniform here. In many jobs of the central government, the retirement age is 60 years, while in state governments it is between 58 and 60 years. In India, the retirement age of a Supreme Court judge is 65 years, while for university teachers this age is 62 years. Earlier the retirement age in India was 60 years, but in the 60s it was reduced to 58 years. In May 1998, the central government increased the retirement age of central employees from 58 to 60. But at present India has neither a shortage of young population nor of working population. In such a situation, this problem that arose with China may become more serious in the future due to low birth rate.