Pursuit of 'silver dividends' redefines seniors' golden years

Members of the digital imaging club from a local senior university visit a rhododendron scenic area in Heihe, Heilongjiang province, on May 4. QIU QILONG/FOR CHINA DAILY

After three years of retirement, 58-year-old Yan Qin found a new job last year with lower work and salary expectations that still provided her with a sense of satisfaction.

"I was an accountant before retirement from a State-owned company," said the Beijing resident.

"I spent a year traveling in 2024 and started thinking about the meaning of my life. I decided to return to the job market and take some easier work. I didn't expect higher pay, just a place to pass the time."

Her new job is to offer support services to younger workers — such as tidying up documents and fetching parcels — which is not physically demanding, she said. "My daughter and husband are happy to see me re-involved in work," Yan said.

Older workforce returnees like Yan are creating fresh challenges for employers and policymakers regarding their employment rights, and finding the most effective ways for them to provide "silver dividends" for society, experts said.

"It's necessary for the government to perfect the regulations and laws to offer a sound legal basis for elderly workers to protect their working rights," said Yang Xiaoqi, a researcher at the China Research Center on Aging.

Yang suggested the government offer tax incentives to employers hiring elderly people or provide entrepreneurial subsidies to elderly founders of startups.

Nonprofit and commercial talent pools can also be established for "silver headhunting" and to identify suitable positions for elderly workers, he said.

Li Qiang, vice-president of recruitment portal Zhaopin, said an opportunity exists to transform "elderly care pressures" into a "silver dividend" by utilizing older workers' experience and skills.

"Many elders with a better education, rich work experience and healthy bodies are high-quality talent," Li said.

"We previously thought the elderly should be supported by young people, but in fact they can continue creating value in the job market using their work experience, mature skills and stable outlook," he said.

Elderly residents exercise at a senior care service center in Beijing on Oct 17. LI XIN/XINHUA

Eager for work

China's new retirement policy, effective from Jan 1, 2025, raised the retirement age from 60 to 63 for men and from 55 to 58 for women, depending on their occupations and willingness. Taking gradual effect over a 15-year period, the policy is "voluntary and flexible" and allows for adjustments.

In most developed nations, the average retirement age is 64 to 65. However, many countries tackling the challenge of an aging population have implemented, or are planning, to increase the retirement age to 67.

Older people's willingness to work is closely related to their age and "younger elders" are more eager for employment, a recent report by the China Research Center on Aging in Beijing showed.

Citing 2021 figures, the report said 38.3 percent of surveyed younger elders, those age 60 to 69, desired paid jobs. The proportion dropped to 19.4 percent for those age 70 to 79, and 5.2 percent for seniors age 80 and above.

At 62, Wang Qingwen from Hangzhou, Zhejiang province, is one of the young elders who are tired of being idle after retiring about a decade ago.

In June last year, she registered to take part in a barista training program in the city.

"I love drinking coffee and am into that bougie aesthetic. I like collecting different types of coffee beans at places where I traveled, so my daughter-in-law encouraged me to learn some coffee-making skills," she said.

The month-long program cost about 5,000 yuan ($716) and participants were taught skills such as distinguishing different varieties and origins of beans as well as perfecting latte art.

Wang said she learned a lot from that program, but is hampered by her poor eyesight and manual skills. "But I'm planning to further my study in the area in 2026, and maybe I will open my own cafe someday," she said, laughing.

Wang said many of her friends still want to work and make contributions to their family's income. Several of them work as confinement nannies in Hangzhou, caring for and supporting mothers and their babies during the traditional confinement period, which is usually 30 to 40 days after the child's birth.

"They get considerable incomes, roughly 20,000 yuan to 50,000 yuan for each confinement period service in Hangzhou, based on their skills," she said.

Seniors use tablets to create music during a senior learning expo in Shanghai on Oct 18. LIU XIN/FOR CHINA DAILY

Protecting rights

The recommendations for the 15th Five-Year Plan (2026-30) emphasize raising the retirement age and loosening age restrictions for employment and social insurance to better develop the senior workforce and promote the silver economy.

Experts have cautioned stronger policy support and legal protection are necessary for older people to be willing to re-enter the workforce.

In May 2024, the Ministry of Human Resources and Social Security released a notice encouraging employers to develop elderly-friendly jobs, which require rich experience and skills, patience, lower physical strength and less agility.

Human resources agencies have also been encouraged to optimize services to help explore and utilize senior human resources.

The notice highlights the protection of senior employees' rights. Workers past retirement age are encouraged to re-enter the job market, while those with labor disputes, work-related injuries or in need of a work capability assessment should be handled as a priority by authorities.

A landmark draft regulation released on July 31, 2025, by five central departments including the Ministry of Human Resources and Social Security, the National Health Commission and the Ministry of Emergency Management — focused on protecting the rights of retirement-age employees who have returned, or want to return, to the job market.

Under the proposed regulation, employers are encouraged to offer appropriate positions to individuals past retirement age after considering their expertise, skills, and background. Written agreements should outline job responsibilities, work location and hours, breaks, holidays, compensation, social insurance, and workplace protection.

Older workers in regular jobs need to be paid at least the local minimum wage, while employers are prohibited from assigning them roles that may harm their physical or mental well-being.

Li, from Zhaopin, said joint efforts from government, companies, and the elderly are required to make older workers feel secure in their jobs.

"Employers can offer elderly-friendly jobs to seniors with more flexible working hours, and lower physical strength requirements, or help senior workers get involved in jobs demanding experience like consultancy, training or quality supervision," he said.

Li said labor contracts and rehiring agreements are crucial, along with the clarification of insurance coverage, payment and employee rights.

"Senior workers should also have an awareness of self-protection in the workplace, including the articles in employment contracts and avoiding verbal contracts," he said.

Some older workers may need to learn new skills, such as mastering digital tools, to be competitive in the job market.

"Safeguarding the elderly's employment is not about 'giving and taking', but working together for mutual benefits, where the seniors can still create value, the companies get experienced talent, and society gets pension pressures eased," he said.

Retirees learn traditional opera at a community center in Urumqi, Xinjiang Uygur autonomous region, on Nov 13. SUN ZHENSONG/FOR CHINA DAILY

Silver service

The silver economy was worth around 7 trillion yuan in China in 2024, roughly 6 percent of the nation's GDP. This figure is expected to reach 30 trillion yuan by 2035, accounting for 10 percent of GDP, according to a report by the China Association of Social Welfare and Senior Service and the Institution of Contemporary Social Service.

In 2024, China had 77,600 companies involved in development of products and services for seniors, with the silver economy market steadily growing, the Ministry of Civil Affairs reported.

Apart from efforts to improve employment opportunities for seniors, China has also channeled greater resources into improving basic elderly services in recent years, to boost consumption and develop the "silver economy".

Recent figures from the Ministry of Civil Affairs showed that by the end of 2024, China had about 310 million people age 60 and above, accounting for 22 percent of the total population. Among them, 220 million are age 65 and above, roughly 15.6 percent of the total population.

Life expectancy during the 14th Five-Year Plan (2021-25) period reached 79 years, an increase of 1.07 years from 2020 and five years above the global average.

Yang, the researcher, cited strong demand for nursing care for the elderly and discretionary spending on cultural or entertainment experiences as two major development targets of the silver economy.

There are currently about 30 million seniors in China who are losing, or have lost, basic physical functions or movement that are in need of care and nursing services. Improving these services will drive the development of other industries such as nursing homes and assistive devices, Yang said.

In 2024, the central government provided 7.59 billion yuan to support the construction of 202 elderly nursing facilities nationwide, according to a Ministry of Civil Affairs report.

By the end of 2024, China had 406,000 elderly nursing homes and facilities nationwide, with about 8 million beds available. The proportion of medically equipped nursing care beds for the elderly at nursing homes rose to 66 percent in 2024, from 48 percent in 2020.

During the 14th Five-Year Plan period, the government renovated homes for 2.08 million vulnerable seniors, targeting high-risk households, including those where residents live in poverty, with chronic illnesses or disabilities, and "empty nesters" living alone.

In 2024, about 141 million seniors age 65 and above received health services at grassroots medical institutes.

Li said China has a very large elderly population, whose strongest demands are healthcare, nursing services and a convenient life, thus accelerating the development of community and home-based nursing services, rehabilitation services and physical therapy.

He said he had heard several figures claiming that in the first half of 2025, the revenue of community-based elderly nursing services increased by 30.4 percent year-on-year, nursing homes 22.6 percent, and home-based nursing services 18 percent.

Li also noted the increasing number of seniors who have shown a stronger willingness for discretionary spending, which will provide a new growth engine for the nation's economy.

"Seniors are not only pursuing basic essentials like adequate food or warm clothes, but a quality life with engagement in social events," Li said.

"Wellness products, smartphones, clothes designed for the elderly, and also tourism and education, are all popular among seniors", and will take "the lion's share of the silver economy", he said.

Passengers pose for a photo before they get onto a "silver train" for senior travelers in Chengdu, Sichuan province, in March. MENG KUAN/XINHUA

In addition, the elderly's need for pension-related financial products, commercial insurance and smart assistive devices, and AI companion services cannot be ignored, he said, adding he is "bullish" on China's silver economy.

Cheng Jianguo, 68, from Hefei, Anhui province, said it's trendy among his peers to register for "senior universities" or purchase smart devices to monitor their health.

"Tourism was once popular, but now my peers prefer the interest classes like photography, calligraphy and short-video shooting," he said.

"We also enjoy visiting trade shows or exhibitions in Hefei to see new technologies or artworks," he said.

"I think many of my peers have a different view of life from our parents. For me, it's more important to be happy and live the moment rather than being penny-pinching."