Why China should delay retirement

Published on 2015 - 04 - 12

Firstly I'd like to raise a question: How many of you are the single child in the family? Raise your hand please. Well, most of you are, and I myself am. being the single child in the family, I grow up enjoying the privilege the single child could have while thinking little about consequence of this worldwide famous policy could have. Undoubtably, the single child policy has benefited many people, but it also accelerate society aging and workforce shrinking, burdening the country's economy. One good approach to this problem is delaying retirement, which happens to be my topic today: why China should delay retirement.

First of all, current retirement policy is completely out of date. It was set in 1950s, regulating that the retirement age should be usually 60 for male workers and 55 for female workers, and stay unchanged ever since. However, the average lifespan of Chinese people was 57 years in 1957, and has rapidly increased to 75 years in 2014. It can be easily calculated that the percentage of work time in ones life has decreased a great deal. Therefore, to balance the ratio of the work time in ones life, there should be no problem delaying retirement.

Many people may argue that raising retirement age would make it much harder for young people to get a job. Well, it may, but the influence will be minor, because the workforce population is dropping. Under the worldwide environment that the society is aging and influenced by the China's single child policy, the workforce population between 16-59 have already begun to drop in 2013, and is estimated to continue to drop in the future, creating more and more jobs, thus relieving the stress on young people to get jobs.

Thirdly, the fast growing population of retirees will put much more stress on national pension fund. Currently, three working people are supporting each retiree, but that ratio is estimated to be three workers supporting four retiree by 2050. At that time, China's pension funds may hardly be able to meet their obligations to retirees. There already have been many critics accusing the government of bad management of the national pension fund, raising the risk that current workers and future retirees who have already paid into the system won't be able to receive payments. To address this problem, raising retirement age would be a effective method. After all, the less retirees there are, the less stress there is on national pension fund.

In conclusion, raising retirement age would be a good policy, for it won't only relieve the stress of national pension fund, but also help solve the problem of society aging. Also, it will make our life – next generation workforce’s life – a little easier.