Retirement Ages Set to Be Raised
The central government has set a timetable for postponing retirement ages as the country struggles to close the gap between the income and payout of its pension funds. Yin Weimin, the Minister of Human Resources and Social Security, recently said that the ministry will complete a draft policy on the issue by the end of this year, finalize it by the end of 2017 and start enforcing it in at least another five years. The new retirement ages are widely expected to be 65 for both genders.