Experiencing a growing ageing population and funding issues to its pension program, China is contemplating on raising its retirement age from the current statutory limit of 60 for male and 50 for female.

There were speculations that government leaders are eyeing 65-60, for men and women, respectively, as the next mandatory retirement age.

In the Philippines, Republic Act No. 7641 or the Retirement Law provides employees may already receive retirement benefits when they reach, he age of 60 but not beyond 65.

China is expected to implement a higher retirement age in the next five years as its leaders continue to worry about the ageing population of the world’s most populous nation.

It currently implements the lowest statutory retirement age in the world.

Also deemed problematic is the country’s pension program that is suffering from dwindling funding sources.

The program faces the possibility of paying over 300 million pensioners soon.

Studies conducted in 2019 indicated that the state pension fund will be running out of money to pay pensioners by 2035.

“in line with the principle of voluntary participation with appropriate flexibility, we will advance reform to gradually raise the statutory retirement age in a prudent and orderly manner,” the Community Party disclosed following its to-level party meeting held recently.

The proposed retirement age has yet to be disclosed by the party, but it is believed that it will follow ‘world’ standards.

However, the plan, which was first hatched a decade ago, appeared to be lacking in supporters among China’s workforce.