look news india
China: Retirement age of government employees latest update: The government has taken a big decision in the interest of its employees and has given a big gift to all the employees. Now it has announced to increase the retirement age of all government employees. The retirement age of male employees has been increased to 63 years and for women it has been increased to 55 to 58 years according to their work. The aim of the government is to deal with the falling economy and the lack of pension funds for senior citizens.
The government is making this plan
Actually, the aim of the Chinese government is to increase the working period as well. So that the shortage of pension funds due to the decreasing workforce and weakening economy in China can be met. The government is planning to increase the minimum tenure required for pension from 15 years to 20 years, which will be implemented by 2030.
Employment Challenges
Let us tell you that the employment market in China is still challenging and in July the unemployment rate was 17.1% for youth aged 16-24 years and 6.5% for youth aged 25-29 years. Apart from this, there are also complaints of age-based discrimination in jobs for people above 35 years of age.
Scheme for increasing the working age
The Chinese government is planning to raise the retirement age and the working age for pensions to cope with demographic and economic challenges. However, this decision has led to discontent and anxiety among citizens, as they are worried about their financial and employment security.
Public started protest
However, people are angry at this decision of the government. Protests have started on social media regarding this. Citizens say that this move is to extend their tenure and delay access to pension, while youth unemployment remains high in the country.