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Raising the Retirement Age
Context:
China is set to raise the retirement age for the first time since 1978, in an effort to slow the decline of its labour force and support the economy.
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- China currently has one of the world’s lowest retirement ages, despite a significant rise in life expectancy.
- The retirement age for men will increase from 60 to 63, and for women from 50-55 to 55-58, with the changes being phased in over a 15-year period.
- The decision aims to address the demographic challenges facing the world’s second-largest economy by allowing more people to remain in the workforce longer.
The statutory retirement age is gradually being raised in the Netherlands. According to the General Old Age Pensions Act, in 2022, the statutory retirement age will be 66 years and 7 months, in 2023 66 years and 10 months, in 2024, 2025, 2026 and 2027 it will be 67 years. In 2028 it will be 67 years and 3 months. From 2028 onwards the statutory retirement age will only be increased if life expectancy continues to rise.