China will use the next 15 years to raise the statutory retirement age, as cited from a decision adopted at a session of the Standing Committee of the 14th National People's Congress that concluded on Friday.
According to the decision, the retirement age for men will be postponed from 60 years old to 63, and women from the previous 50 or 55 — based on their job or occupation, to 55 and 58 respectively. The decision will take effect from Jan 1, 2025.
It's the first adjustment of retirement age after it was used in the 1950s, and the adjustment is based on Chinese people's longer average life expectancy — reaching 78.6 years old in 2023, extended years of schooling, current population structure and the improving healthcare conditions, it said.