China's Retirement Age and Its Societal Impact

The Chinese government has raised the retirement age for the first time in decades to address its looming pension crisis, which is exacerbated by an aging population. Currently, over 20% of the population is over 60, with predictions that the pension fund could run out by 2035. This reform, however, poses challenges, particularly concerning childcare as many families rely on grandparents for infant care. With grandparents staying in the workforce longer, couples may delay having children, thus further diminishing China's already low fertility rate.