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China’s Aging Pressure

3 November 2006
 

According to the latest figure, China now has 100 million people aged 65 or over, 5 times of the total population of Australia.

In provincial capital Hangzhou, for instance, the latest figures released by the local statistics show that a typical family structure is "4:2:1", i.e. four elderly people, one young couple and a child.

The average life expectancy for Chinese, according to the figure released in 2003, is 71.40 years. For a low ranking public servant, when she retired at the age of 50 in 2004, she collects a monthly pension of over 1100 yuans. So in next 21 years, the total payment to her will amount to 300,000 yuans (about 37,000 usd, or 50,000 aud). Try to multiple this with, maybe not 100 million, but half of it.

In face of the increased economic pressure caused by the rapidly aging society, China is reportedly looking into a possibility of delaying retirement age.

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