China approves plan for first hike to retirement age since 1978

KUALA LUMPUR: The ringgit breached the RM4.30 level today, hitting a 20-month high against the US dollar, as traders expect the United States Federal Reserve to cut interest rates between 25 and 50 basis points, said an economist.

China ’s retirement age is among the world’s lowest. The threshold for workers has been kept at 60 for men and between 50 and 55 for women. - Reuters

"Governments at all levels should actively respond to the ageng of the population, encourage and support the employment and entrepreneurship of workers,” according to the decision by the Standing Committee of the National People’s Congress. "The timeline of raising the retirement age is pretty gradual. Policymakers probably have taken into account the potential negative impact and calibrated that carefully,” said Michelle Lam, Greater China economist at Societe Generale SA.

China’s retirement age is among the world’s lowest despite significantly increased life expectancy. Since at least the 1970s, the threshold for workers has been kept at 60 for men and between 50 and 55 for women. The change will see women’s retirement age rise to 55 for ordinary workers and 58 for those in management positions.

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Elderly Revise Retirement Age

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