Recently, Peng Xizhe, a professor at the Population and Development Policy Research Center of Fudan University and dean of the Institute of Aging Research at Fudan University, expressed his unique views on the retirement age and pension system that China is currently facing in an interview with Caijing. Peng Xizhe pointed out that with the deepening of China's aging society and the continuous extension of average life expectancy, the current retirement age and pension system are facing severe challenges.
According to data provided by Professor Peng Xizhe, the average retirement age of men and women in China is less than 56 years old, while the average life expectancy has reached 782 years old, and the number is still growing. This large gap between the relatively early retirement age and the ever-increasing life expectancy has led to a significant increase in the amount of time individuals can receive pensions after retirement. Under the current pay-as-you-go pension system, in which the pension contributions paid by current incumbents are used to pay pensions for retirees, the sustainability of the system has been severely tested.
On the question of whether delayed retirement will crowd out employment opportunities for young people, Peng Xizhe believes that there is no direct conflict between the two. He pointed out that retirees and young people have different positions and needs in the labor market, so delayed retirement is unlikely to pose a direct threat to young people's employment. This view breaks the traditional concern that delayed retirement will affect the employment of young people, and provides a new theoretical support for the implementation of the delayed retirement system.
Peng Xizhe stressed that in the face of the challenge of the pension system, a more flexible retirement system design should be adopted. Specifically, industries and regions with conditions can take the lead in piloting retirement from a mandatory institutional arrangement to the result of individual and market choices. Such a system design can better balance the work and life needs of individuals, and at the same time bring greater flexibility to the labor market.
Of course, any reform of the retirement system needs to take into account social perceptions and cultural factors. In traditional Chinese culture, the concept of "relying on the elderly" is deeply rooted in the hearts of the people, so the implementation of the delayed retirement system needs to fully take into account the public's acceptance and psychological expectations. Enhancing public understanding of the long-term benefits of delayed retirement to individuals and society through publicity and education is key to ensuring the smooth implementation of the system.
For policymakers, how to ensure the sustainability of the pension system while taking into account the interests of different groups is a very challenging task. However, as Professor Peng Xizhe said, it also provides an opportunity for policymakers to re-examine and optimize the retirement system. Through refined institutional design and differentiated policy arrangements, it is expected to build a more equitable, sustainable and flexible retirement system.
To sum up, with the acceleration of the aging process of China's society and the extension of life expectancy, it is imperative to reform the current retirement age and pension system. Professor Peng's perspective provides us with a new perspective on this issue. By implementing a flexible retirement system and gradually turning retirement into an individual and market choice, we are expected to inject new vitality into the labour market while addressing pension challenges. Of course, this process requires the joint efforts and wisdom of enterprises, enterprises and society.