On Sep. 13, CHI HRSS issued plan on gradual raise of retirement age.
CHI HRSS published the decision of the Standing Committee of the National People's Congress, regarding the gradual delay of the statutory retirement age.
Document dated Sep. 13, 2024, received from CHI HRSS Nov. 25, summarized Nov. 27.
Decision
Simultaneously raise the statutory retirement age for male and female employees.
Over a period of 15 years, gradually raise the statutory retirement age for male employees from 60 to 63; for female employees, delay from 50 to 55, and 55 to 58.
Specifies the time table of the gradual raise of the statutory retirement age above.
Specifies the requirements for early retirement or flexible delay of retirement.
Improves the incentive mechanism for pension insurance to encourage retiring later.
For persons who receive unemployment insurance benefits and are less than one year away from the retirement age, the period for receiving the benefits will be extended.
