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| Shanghai to raise retirement age to cope with pension deficit | |||
| The municipal government in Shanghai, China's business hub, plans to raise the city's retirement age to relieve pressure on the city's pension fund, according to reports in the state media. Vice Mayor Hu Yanzhao said earlier this month that the city's pension fund had fallen into deficit as more than a fifth of the population had reached the end of their working lives. No details were given of the extent of the deficit. "We will put off the retirement age of citizens, especially for female professionals," Mr Hu was quoted as telling a government meeting. Mr Hu did not say by how many years the retirement age would be raised. At present, the retirement age is 60 for men and 50 or 55 for women, depending on the job held. The number of people aged 60 and older in China's biggest city is expected to rise to 3.12 million this year. Concerned about the city's ageing population, Shanghai's head of family planning said last year that couples would be encouraged to have two children if they qualified under exceptions to the country's one-child policy. If both spouses are the only children, they are allowed to have more than one child under the rules. |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.asiainsurancereview.com/pages/e-weekly.asp?country=2 Published: 9/9/2010 8:47:16 PM © 2010 All rights reserved |
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