21 August 2019

Govt to delay retirement age, reform annuity system, paper says

China plans to push back the retirement age in a progressive manner and centralize the management of annuity schemes, China Times reported on Thursday, citing sources from the Ministry of Human Resources and Social Security. Studies showed that delaying the retirement age by a year would allow the national annuity fund to save 20 billion yuan (US$3.282 billion), including 4 billion yuan in investment return growth and 16 billion yuan in saved expenses. The plan may be introduced to civil servants before being implemented nationwide, the report said.

– Contact HKEJ at [email protected]




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