China approves the plan to raise the retirement age for the first time since 1978

• Will raise the retirement age for men to 63 – effective January 1, 2025.
• Will raise retirement age for white collar female workers to 58 – effective January 1, 2025.
• Will raise retirement age for blue collar female workers to 55 – effective January 1, 2025.
• From January 2030 the minimum period for employees to receive basic pension on a monthly basis will be gradually increased from 15 years to 20 years.
• Employees who have reached the minimum numbers of years of payment may voluntarily choose to retire flexibly and early.

This article was written by Giuseppe Dellamotta at www.forexlive.com.