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[Source<\/a>]<\/p>\n China on Friday announced plans to raise its retirement age for the first time since the 1950s, addressing its aging population and mounting pension crisis. The new policy, set to take effect in 2025, will gradually increase the retirement age for men and women over the next 15 years.<\/p>\n Changes to expect:<\/b> The country\u2019s current retirement age \u2014 60 for men across all jobs, 50 for women in blue-collar jobs and 55 for women in white-collar jobs \u2014 will increase gradually starting next year. By 2039, men will retire<\/a> at 63, women in blue-collar jobs at 55 and women in white-collar jobs at 58. Many have voiced their frustration over the news, with one Weibo user writing<\/a>, \u201cIn the next 10 years, there will be another bill that will delay retirement until we are 80.\u201d<\/p>\n<\/li>\n Driving the news:<\/b> China\u2019s demographic challenges, including a shrinking workforce and a rapidly growing elderly population, have made the policy change inevitable. As the country\u2019s life expectancy rises<\/a> to 78.2 years, raising the retirement age may relieve pressure on its pension system. By 2040, nearly a third of the population will be over 60, putting a strain on its pension fund that is projected<\/a> to run out by 2035. To complicate matters, China is dealing with a soaring youth unemployment rate<\/a>, potentially making retirement more difficult. \u201cYoung people can\u2019t find jobs, and the elderly aren\u2019t allowed to retire,\u201d another Weibo user lamented<\/a>.<\/p>\n<\/li>\n<\/ul>\n Download the NextShark App:<\/strong><\/p>\n\n