China may gradually push back the retirement age to 65 in ten years, National Business Daily reported Monday, citing an academic from the Capital University of Economics and Business. According to a decision reached by the Communist Party Central Committee last week, China will take gradual steps to delay people’s retirement age in a bid to address a potential labor shortage. The country will save 16 billion yuan (US$2.63 billion) in pension payment obligations for every one-year delay in the retirement age, an academic from the Chinese Academy of Social Sciences was quoted as saying. Currently, the retirement age to receive a pension in China is 60 for men, 55 for female officials and 50 for female workers.
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