In the 1960s, a "baby boom" appeared in my country. Since 1963, the number of births in my country can reach more than 25 million each year. Therefore, since 2022, my country has entered a "retirement wave". Because males born in 1962 are over 60 years old, they have retired from 1962 to 1974. It is expected that this wave of retirement wave will last for 15 years. What is the reason for the retirement wave? What impact will it have? What is our country’s response? Let’s take a look together today.
The reason for the "retirement wave" was mentioned earlier, mainly because of the baby boom that appeared in the 1960s. According to the latest data from the Bureau of Statistics, my country has entered the stage of moderate aging. The post-60s and post-70s have also become the main retirees, especially male retirees, because women born in the 1960s have completed retirement, and the retirement wave has entered the elderly wave.
What impact will the "retirement wave" today have on society? There are many impacts of the retirement wave, including two important and significant issues:
First, the number of labor force of appropriate age in the market has dropped significantly. Under the influence of the retirement wave, more than 20 million retirees every year. According to this number of retirements, the labor market will reduce labor force by at least 3-5 million every year, or more than 50,000 people will leave their jobs every day. Experienced workers will withdraw from their jobs, and inexperienced or less experienced workers will enter the employment market. Two seemingly contradictory things are happening. Especially after the baby boom in the 1960s, the post-80s and post-90s entered the glorious era of only children, resulting in a decline in the birth rate, which further deepened the labor shortage;
At the same time, there will be a problem of large populations and uneven distribution of talents.For example, many young people can no longer be seen in many cities in the Northeast. Most of the people who can stay are due to family reasons. Most of the talents flow to developed cities. Some areas that have lost their talent support will also be hindered.
The second is to increase the pressure on pension fund accounts. As we all know, some of my country's pension insurance system is paid as soon as possible, that is, the overall part of the insured persons paying social security fees must be entered into the pension fund account and used to pay pensions to retirees. If the number of retirees soars but the number of insured payers remains unchanged, the pension fund account may face an imbalance in income and expenditure. But now my country's pension fund account is still running relatively smoothly, just saying that there will be such risks in the future.
In addition to the above two main impacts, there are also some very obvious impacts. For example, the number of elderly people increases, and fiscal investment in elderly care and medical care will inevitably increase, especially in terms of medical care.The demand for outpatient medical treatment or medical services faces great challenges, and there are even more major challenges in medical services. Another thing is the family aspect. Nowadays, most families are only children. It turns out that the 1960s and 1970s have countless brothers and sisters, and the few families also have two or three children. The pressure of support naturally disperses a lot. Now, it is basically a couple who have to support four elderly people, and even support the elderly who have separated generations, and also take care of their own children. The family pressure is very great.
So what solutions do our country have to deal with these problems? The first thing to mention is the delayed retirement policy that will be implemented this year. 2025 is a critical time node. From this year on, the original legal retirement age will be gradually extended, the male employees will gradually extend to retire at the age of 63, and the female employees will gradually extend from the original 55 and 50 to the age of 58 and 55. The retirement method has also changed from the original one method to the ability to have multiple choices. In the entire interim measure for delayed retirement, the principles of flexible implementation and voluntary selection are adhered to. Then retirees can choose flexible retirement early and flexible delayed retirement according to their actual situation, or retire normally according to the new legal age after the reform.
At the same time, the minimum payment period for pension insurance has also changed, increasing year by year since 2030, and it will increase by six months every year, until it rises to the minimum payment standard for 20 years in 2039. Fortunately, the policy of delaying retirement is implemented gradually, with a complete transition period from 2025 to 2040, and it will not be accepted by a one-size-fits-all approach.
There are also regulations issued by the Ministry of Human Resources and Social Security and the Supreme Court this year on protecting the basic rights and interests of over-age workers, as well as the latest judicial interpretation on labor relations disputes, which also make over-age workers more clear and clear about their labor relations positioning, and make the development of the silver economy more comprehensive. From this point of view, there will be solutions to the emergence of any social phenomenon. What do you think about this? Welcome to leave a message.
