Oct. 2024 - The gradual raising of the statutory retirement age is being implemented in China

Gradual raising of the statutory retirement ages

Starting from January 1, 2025, the statutory retirement age of male employees and female employees will be raised progressively.

• The statutory retirement age is raised gradually by one month for every four months for male employees and female employees whose original statutory retirement age is 55.
• The statutory retirement age is raised gradually by one month for every two months for female employees whose original statutory retirement age is 50.
• Employee could calculate their statutory retirement ages via an official WeChat mini program released by The PRC Ministry of Human Resources and Social Security under this new policy.

Gradually increasing the minimum number of years of contributions

Starting from January 1, 2030, the minimum number of years of contribution for employees to receive a monthly basic pension will be gradually increased from 15 to 20 years, with an annual increase of six months.

Implementing a flexible retirement system

• Employees who have reached the minimum number of years of contributions may voluntarily opt for flexible early retirement for a period of up to 3 years, provided that they have reached the original statutory retirement age, i.e. 60 for male employees and 50 or 55 for female employees.
• Employees who have reached the new statutory retirement age may postpone their retirement for a maximum of 3 years by agreement with the employer.

We remain available should you have any questions. Please do not hesitate to reach out to your Forvis Mazars point of contact.