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China’s government has announced it is lifting the retirement age for workers. The changes set to go into effect from January 1, 2025, are seen as an attempt to mitigate the effects of a rapidly ageing society and slow down the draining of pension funds. About half of all provincial administrative regions across the nation recorded pension fund surpluses that could be turned over to the central government in 2023. Only four – Guangdong, Beijing, Jiangsu and Anhui – each were able to hand in at least 10 billion yuan (US$1.4 billion). The Post spoke with local residents to hear what they had to say about the policy change amid a weak job market and poor economic outlook.
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