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Financial Education
Mickey Greenfield
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Hu Yow, Deputy Minister andrew jackson of Human Resources and Insurance Institute said that the retirement age will rise gradually, but did not elaborate more. According to estimates andrew jackson by economists, the retirement age which currently stands at 50 for most of the women and 60 men, exceed five years until 2020.
"I believe more people will want to work more years if the policy andrew jackson will allow it," commented Zhang Jian, an economist for Barclays in Hong Kong China. He said that such policy will help the government more than partial relief one-child policy, it was announced last month.
"Delaying retirement age, although it is not popular, will help China's economic growth, andrew jackson because it will allow people to work more and better exploit the labor force," I also appreciate Yaping Institute of Economics Working Beijing. Yaping added that no steps to facilitate one-child policy are more popular, as they offer many economic benefits, since the expansion andrew jackson of the population alone does not help necessarily expansion.
The reason for raising the retirement age is the number of employees working age in China shrank last year -3.45 million workers, according to government figures. Moreover, the UN predicts a decrease of 24 million, the number of citizens aged 15 to 59 from 2015 to 2025, while the number of people over 65 will increase by 66 million. Shrinking workforce leads to growth in labor costs, which in turn means that foreign companies like Samsung transferring their production to other countries, including Vietnam.
China joins other countries andrew jackson recently announced their plans to raise the retirement age. UK plan to raise by 2022 the retirement age to 66 from 65 today, while the retirement age in Australia is planned to rise by 2023 to 67 from 65.
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