As the population ages and birth rates drop, the national retirement age will rise from 60 to 63 for men, and from 50 or 55 to 55 and 58 for women, depending on their job type. These changes will be phased in over 15 years starting in 2025, with new pension contribution requirements beginning in 2030.
State media reported that the decision is based on factors like life expectancy and workforce supply. This move reflects the country's struggle with an ageing population and slowing economic growth. Despite reforms, the fertility rate remains insufficient to stabilize the population. Young people are expressing concerns about the impact on their health and future retirement.
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