A Graying China May Have to Put Off Retirement. Workers Aren’t Happy.
For Meng Shan, a 48-year-old urban management worker in the Chinese city of Nanchang, retirement can’t come soon enough.
Read also Multi-pillar pension systems can help EU address the ageing of European societies
Mr. Meng, who is the equivalent of a low-level, unarmed law-enforcement official, often has to chase down unlicensed street vendors, a task he finds physically and emotionally taxing. Pay is low. Retirement, even on a meager government pension, would finally offer a break.
Read also Morneau Shepell releases the results of its Performance Universe of Pension Managers’ Pooled Funds
So Mr. Meng was dismayed when the Chinese government said it would raise the mandatory retirement age, which is currently 60 for men. He wondered how much longer his body could handle the work, and whether his employer would dump him before he became eligible for a pension.
Read also Australia. Women retire with over $30,000 lower balance in super than men
“To tell the truth,” he said of the government’s announcement, “this is extremely unfriendly to us low-level workers.”
Read more @NY Times
280 views
