China Raises Retirement Age to Address Pension Crisis

The reform aims to stabilize the pension system amid a rapidly aging population and economic slowdown.

China will gradually increase the retirement age starting in January 2025, marking the first change in decades.
The new retirement ages will be 63 for men and 55-58 for women, depending on their job type.
The policy aims to reduce the pension shortfall by 20% over the next decade, but more reforms are needed.
China's pension system faces significant financial pressure, with some regions heavily reliant on subsidies.
Experts warn that the reform could exacerbate youth unemployment and income inequalities.