| Retirement age in China is likely to postpone to 65! | |
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| Dec 9, 2008 21:59 |   |
 | It is said that the relevant department has been considering delaying retirement age to 65 by 2030. This news has triggered controversy. Many Chinese people object this proposal. Right now, men's retirement age is 60 and that for women is 55. If the retirement age postpones to 65, that means people need work longer. That doesn't sound good. Why should I work longer? What do you think of this policy? |
| Dec 10, 2008 03:52 | #1 |
| Jimmy, You should think yourself fortunate. Government plans in the UK are to delay UK state pensions from current age of 65 for men and 60 for women to 66, then 67 then 68 for both men and women. This is unless you are a governmemt employee who enjoy bullet proof index linked pensions from age 60. However, those who can afford it also pay into private or company pension schemes to supplement their state pension and which usually give options to retire from 55. |
| Dec 10, 2008 19:49 | #2 |
| For the reason of delaying retirement age, China doesn't have enough money to distribute to those elderly as pension. China has entered the era of aging society. There are too many old people needed to be taken care of. To delay the retirement age to 65 can temporarily ease the pressure. |
| Dec 10, 2008 20:41 | #3 |
| They do this in many countries as well. Reason being that people's life span is getting longer. They say that 60 is the new 40 and 40 is the new 20. Many people live up to 90 and over 100. Also, money is a big factor. By the time it's my time to retire, they'd probably raise it to 80. :P |
| Dec 10, 2008 22:04 | #4 |
| I assume that a majority of youngsters will see it as "bad news". Earlier this month, I have read a report about Chinese youngsters' desire for early retirement. The report says that general opinion makes out that a large portion of Chinese young people are longing for early retirement since the modern life is tougher than before. China's huge population makes the employment market tough. Most young employees regard work as merely a way to make a living. Few of them can actually enjoy work. Sometimes, I also feel that work seems to a little monotonous and repetitive. Well, it is only for a little while, and I have learnt to urge myself to find interests from work. Maybe, work is helping us have an eventful life and keep us from living an empty life. When you have nothing to do, you will probably feel empty. |
| Dec 11, 2008 19:48 | #5 |
| I think it just applies to government job. Actually in current China, job security is much lower than than in Japan and other western democratic socialist country. The eariliest retiriement age i have ever heard is 35 when China implemented transformation of stated owned corps to collective owned or private owned corps. Public servants are gold bowl and only high-qualified college graduates can win the gold bowl through strict exams. And most positions that offerred by profit oriented corps are contracts and the pension premium are deducted from salary and managed by state owned pension funds. Even in West, during this financial crisis, some big corps are lowering internal retiriement age, As far as I have known, there is a famouse Uk pharm. corp whose internal retirement age is 55 with lump sum severence payment. |
| Dec 11, 2008 22:00 | #6 |
| Gaffer, that is really bad news. Why does UK delay the retirement age? UK is in the same situation like China? Maybe, people's life span has extended so that the government wants to delay the retirement age. What if I can't live to 65? Where will my pension go? |
| Dec 12, 2008 08:04 | #7 |
| In many developed country the amount of births have been down for a long time. Of course the fact that people does live longer affects. In future there will be less and less people who pay pension to growing amount of old people. Perhaps Chinese one child policy has failed here. Carlos |
| Dec 12, 2008 17:14 | #8 |
| We were once under British rule until August 1957. After independence, Malaya later becomes Malaysia retained the retirement age at 55 for men and 50 for women. Until recently the government agrees to increase the optional retirment age from 56 to 58 for civil servants, while judiciary still remains at 66. Yes, pensions are for government employees and they receive only half from their last drawn monthly salary. I think the retirment age should be 55 to give others opportunity to join the civil service. Most civil servants won't ask "why I should work longer" because the longer their service is, the better gratuity will be paid. During retirement day, a civil servant enjoys a gratuity payment in cash with last drawn salary X months of work X 7.5%. If he works for 300 months with last drawn salary of 5000 per month, he gets gratuity of 112,500 and monthly pension of 2500 until his demise. Wan |
| Dec 12, 2008 20:01 | #9 |
| What about the farmers? When they become old, who will support them? They have no pension to get. The only way out is to depend on their children. The government should think about this now. |
| Dec 13, 2008 05:02 | #10 |
| Jimmy, As Carlos says we are living longer and producing fewer children, so pensions will be claimed for longer with fewer people to contribute. In addition the UK's generous but flawed immigration policy has expanded the population greatly with immigrants producing a high percentage of births. This is stretching the country's social resources (free medical care, schooling, housing, social security benefits, policing etc). Also the UK government is building a giant black hole in funding government workers pension funds and is too scared of the consequences of fixing the problem. UK tax payers are each contributing an average 226 GBP (2260 yuan) to fund public sector pensions which will pay out far in excess of their own pension. |
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