China mulls adjusting retirement age

0 Comment(s)Print E-mail CRI, June 6, 2012
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The Ministry of Human Resources and Social Security is to raise a proposal concerning pension fund age flexibility in the near future, due to people choosing to retire later and later, the Beijing Times reports.

Officials with the Ministry said on Tuesday that an adjustment for the age of retirement is inevitable, adding that this concerns various social aspects and that it is a complicated task.

Currently, the ministry is undertaking research based on conditions in China. The proposal is expected to be raised after opinions from all parts of society are collected.

Lv Jinghai, a member of the standing committee of the payment department for the China Association for Labor Studies, told the Beijing Times that pension age flexibility has been going on in some industries in Shanghai for five years.

He also said that making the age more flexible will reflect well on the total sum of payments.

Lv said that there are some countries that delay retirement until 65 or 68 yeas old. He believes that it's better for China to delay the retirement age to 65. According to a poll in Shanghai, more than 70 percent of citizens approve of the pilot policy.

Chu Fuling, director of social security research center of the Central University of Finance and Economics, explained that the current pension policy in China was formulated in the 1970s.

"With the increased life expectancy, there should be corresponding changes about pension policy." Chu proposed.

He further stated that in order to avoid social turbulence potentially caused by the adjustment, strict regulations are not advised, instead suggesting a voluntary policy.

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