Retirement age raised by five years

China, the world's second largest economy, is struggling with the increasing financial burden of its pension system. For this, China has decided to increase the retirement age for the next five years.

Recently, the Chinese government has announced the policy of increasing the retirement age by issuing an attached policy document. China has taken this step at a time when a report by the Chinese Academy of Social Sciences says that China's pension fund will be exhausted by 2035.

The retirement age in China is the lowest in the world. Here the retirement age for men is 60 years. While the retirement age for women in officer class jobs is 55 years and for women of other categories the retirement age is 50 years.

This age is the lowest among the developed countries of the world. The decision to increase the retirement age by five years was taken at a high-level meeting of the Communist Party held last week.

The Chinese people are not happy with this decision of the Chinese government. The government is going to employ the elderly instead of retiring them. It is clear that the Chinese government does not want to give pension to the elderly at home. So they want to take work from them and pay them.

If they retire then youth will have to be recruited, so pension will have to be given to the old people and salary will have to be given to the youth, hence there will be a burden on the government treasury.