China population: workforce to drop by 35 million over next five years as demographic pressure grows
- With more than 40 million new retirees over the next five years, China’s workforce will see a net decline of 35 million, the government says
- Beijing plans to meet the challenge by expanding private annuity schemes, postponing the retirement age and creating more jobs
China’s workforce will drop by 35 million over the next five years, according to the government, adding pressure on the state pension system and forcing Beijing to adopt new measures to meet the demographic challenge.
Experts have long warned Beijing must take action against a declining labour force and rapidly ageing society, which is expected to weigh on the country’s economic progress in the years ahead.
“As ageing intensifies, there will be more than 40 million new retirees over the next five years and the number of Chinese workers will see a net fall of 35 million,” the Ministry of Human Resources and Social Security said in a five-year plan posted online on Wednesday.
The sustainable development of the social security system is under threat
“The sustainable development of the social security system is under threat.”