China said Friday it would gradually raise its statutory retirement age, as the country grapples with a looming demographic crisis and an older population.
Hundreds of millions of people in China are set to enter old age in the coming decades while the birth rate dwindles dramatically.
The national population fell in 2023 for the second year in a row, with policymakers warning of potentially severe impacts on the economy, healthcare and social welfare systems if action is not taken.
China's retirement age had not been raised for decades and had been among the lowest in the world.
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