Govt Employees Retirement age latest update: Big update regarding retirement, now government employees will retire at this age
China: Govt Employees Retirement age latest update: The government has taken a big decision in the interest of its employees and has given a big gift to all the employees. Now it has announced to increase the retirement age of all government employees. The retirement age of male employees has been increased to 63 years and for women it has been increased to 55 to 58 years according to their work. The government’s objective is to deal with the declining economy and the lack of pension funds for senior citizens.
Government is making this plan
Govt Employees Retirement age latest update Actually, the objective of the Chinese government is to increase the working period as well. So that the shortage of pension fund due to the decreasing workforce and weakening economy in China can be met. The government is planning to increase the minimum tenure required for pension from 15 years to 20 years, which will be applicable by 2030.
Employment challenges
Let us tell you that the employment market in China is still challenging and in July the unemployment rate for youth aged 16-24 years was 17.1% and for youth aged 25-29 years it was 6.5%. Apart from this, there are also complaints of age discrimination in jobs for people above 35 years of age.
Plan to increase working age
The Chinese government plans to increase the retirement age and increase the working age for pensions to meet demographic and economic challenges. However, this decision has increased discontent and anxiety among citizens, as they are worried about their financial and employment security.
Public started protest
However, there is resentment over this decision of the government. Protests have started on social media regarding this. Citizens say that this step is to extend their tenure and delay access to pension, while youth unemployment in the country remains at a high level.
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