The PRC government is working out a detailed plan for raising the retirement age of the country's citizens

The PRC government is working out a detailed plan for raising the retirement age of the country's citizens.  Deputy Minister of Labor and Social Security of China Yu Jun announced this at a press conference on Friday.

 At the moment, for men, the retirement age in the PRC starts at 60 years, for women working in the service sector - at 55 years old, workers who are engaged in manual labor can go on a well-deserved rest at the age of 50.  “This important decision [on raising the age] will be made taking into account the general situation in the field of economic and social development of our country. It will not only contribute to the full utilization of labor potential, but also increase the sustainability of the social security system and better protect the basic life needs of people  "- quoted by the deputy minister," Xinhua "news agency.

 According to the agency, the plan for the 14th five-year plan of the PRC (2021-2025) involves a gradual increase in the retirement age, which was established in the 1950s.  Yu Jun noted that after the founding of the PRC in 1949, the average life expectancy in China was about 40 years, in 2019 this figure rose to 77.3 years on average in the country, and for the urban population it even exceeded 80 years.

 “From an international point of view, postponing retirement is a common practice in many countries around the world to tackle the problem of population aging. At present, this figure in large countries usually exceeds 65 years," Yu Jun emphasized. "Our plan should be based on international practice.  We must fully take into account the actual national conditions of our country, cultural traditions and historical development. "

 China is already facing a rapidly aging population due to declining birth rates and increasing life expectancy.  According to demographers' forecasts, by 2050 there will be about 487 million people over 60 in the PRC.  Thus, the elderly will make up about 35% of the country's population.  This, in turn, will lead to a labor shortage and a slowdown in economic growth.  At the end of 2019, the population of China was about 1.4 billion people.