The proposed move to raise the age at which Chinese people are entitled to begin receiving a pension will help preserve the country’s workforce, Beijing News cited Hu Xiaoyi, deputy minister of the human resources and social security ministry, as saying. China’s new workforce started to fall for the first time last year, Hu said. Responding to media reports that consensus has been reached among ministries to extend the minimum pension payment period from the current 15 years, Hu said the reports are incorrect and that the proposal is still under study. China has been considering raising the retirement age since 2008 to cope with its shrinking workforce and aging society, which together are placing an increasing burden on the pension system.
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