Paying for the Gray

China’s average age for retirement is 53, unchanged since the 1950s. But China’s economy has flourished and the nation’s average life expectancy is 75: “With the number of pensioners set to soar, and the number of young workers able to support them unable to keep up, China has been making long-overdue changes at both ends of the demographic spectrum,” reports the Economist. “Allowing people to choose if they want more than one child may prove more popular, but raising the retirement age is likely to bring more economic benefits.” Pension deficits are anticipated by 2030. Analysts anticipate setting the retirement age at 60 for women and 65 for men. With urban pensions four times larger than agriculture pensions, the government may also balance regional differences. The public may grumble, but a University of Beijing professor points out that people will work longer if pension plans are reliable and fair and provide security. To avoid unrest, China must provide good jobs for all. – YaleGlobal