After 70 years, China is raising its statutory retirement age, a decision that sparked an immediate outcry when it was announced in July. BEIJING – When Madam Wen Xin, 62, retired two years ago as a lecturer from a university in Beijing, her income went from 20,000 yuan (S$3,700) a month to half of that in monthly pension payouts. Some lifestyle adjustments had to be made, such as spending less on eating out and little luxuries.
But the “freedom” she says she now enjoys is more than money can buy. “I get to do the things I enjoy like travel, exercise, playing cards, trying out new recipes,” said the widow who lives alone and sees her married son once a week. “I don’t have to set an alarm clock for the morning.
I wake up naturally. I would not for a minute consider getting re-employed.” Madam Wen is among the fortunate lot of cadres – government officials or state employees – who have accumulated a comfortable pension and was assigned an apartment, although she chose to retire five years after reaching the statutory retirement age.
China has the lowest retirement ages among major economies, with women retiring at either 50 or 55 depending on whether they hold blue or white-collar jobs, respectively, and men at 60. By contrast, the average retirement age of OECD countries is about 65. But after 70 years, the country is finally raising its statutory retirement age, a decision that sparked an immediate outcry when it was announced in July.
The decision was amo.