With the continuous development of China's economy and the rapid change of population structure, the problem of aging in China is becoming more and more serious. According to statistics, in 2019, the size of China's population aged 60 and above has reached 24.9 billion, accounting for 17 percent of the total population9%。It is estimated that by 2050, China's elderly population will reach 46.8 billion, accounting for more than one-third of the total population. The aging society has caused huge financial pressure on the national financial sector, and also brought challenges to the sustainable development of society and economy.
In order to solve the problem of aging, China has taken a series of measures. One of the most important measures is to extend the retirement age. In the past, the retirement age for men and women in China was 65 and 55 years old, but with the intensification of the problem of population aging, this practice is no longer applicable. Therefore, it was decided to postpone the retirement age in order to ease the pressure on pension expenditures.
According to the latest demographic data, the Ministry of Human Resources and the local financial control department said that the retirement age for men and women will be delayed by three years and six years, respectively. This means that the retirement age will be extended from 65 and 55 to 68 and 61 respectively. After that, the retirement age will stop being extended in 2045, that is, when it reaches 65 years. This measure aims to increase the supply of labor, postpone the pension time of retirees, and also help alleviate the employment pressure of enterprises and social security problems.
However, the implementation of this policy also faces some challenges. First of all, due to the gradual decline in China's birth rate in recent years, the insufficient supply of labor has become one of the important factors restricting economic development. By delaying the retirement age, it will lead to a further reduction in labor supply, which may have a certain impact on economic development. Secondly, delaying the retirement age will also bring certain social problems. For people with a later retirement age, their employment opportunities may be affected, further leading to a decline in their quality of life.
In short, the issue of aging is an issue that must be paid attention to in the future development of our country. Although delaying the retirement age can alleviate the pressure on pension expenditures, it also needs to fully consider its economic and social impact. ** Practical measures are needed to address population ageing in order to promote sustainable economic and social development.