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UPDATED: June 25, 2012 NO. 26 JUNE 28, 2012
Should We Delay Pension Collection?
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(LI SHIGONG)

The Chinese Ministry of Human Resources and Social Security said on June 5 that postponing the retirement age is an irreversible trend, and the government is working on appropriate timing. This stirred controversy among the public.

In China, the legal retirement age is 60 for men and 55 for women in government departments or public institutions and 50 for female workers in factories. Whether to prolong working years is not a new topic in the country. Debates regarding it never end.

Supporters claim it will help employers take full advantage of human resources, and allow employees to receive more income after retirement. Also, it will be helpful to balancing the deposit and expenditures of endowment insurance and medical insurance funds. Opponents argue that it may further intensify the already severe situation in the job market. Others proposed more flexible policies regarding the retirement age, such as allowing employees to prolong their working years by choice. The following are excerpts of some opinions.

Supporters

Tan Yaling (Global Times): Postponing the retirement age has become a global trend, and China should not be an exception. Many people who are nearing their retirement are actually at their golden age of working time, because they are experienced and competent. Postponing the retirement age is reasonable, and should be encouraged. However, the importance of being flexible needs to be emphasized here. Policies need to be designed according to the nature of different kinds of work. For instance, office workers and manual workers should be treated differently.

The current retirement policies were enacted in the 1970s. Given the fact that the life expectancy is increasing and the number of people collecting pensions is decreasing because of the family planning policy, reforming the retirement policies is necessary.

Some may say that postponing the retirement age will put more pressure upon young people who are seeking jobs. In my view, this is a misunderstanding. It is known that a sound economy and great potential for economic development create job opportunities. China now is at the early stage of market economy, which creates countless possibilities for youngsters hunting for jobs. Also, in the long run, this would benefit young people because experienced workers can positively influence them with their rich experience. Therefore, delaying experienced workers' retirement would not damage the interests of young people.

Zheng Xinzhen (www.sohu.com ): Postponing the retirement age is an objective trend. It means more than just delaying pension payment. Workers who work longer cannot only create benefits but also contribute to the pension pool. At present, though some cities seem to have surplus labor, the aging population is growing, and that has become a social issue. In 10 years, there will be a problem of labor scarcity. So, postponing the retirement age is a reasonable suggestion.

Li Zhen (www.shihua.com.cn): We should acknowledge that postponing the retirement age would affect employment to some extent. But, the effect would not be too big. Retirement does not mean leaving the job market. Many retirees are rehired by their companies. A survey shows that the number of retirees who continue to work is now 20 percent of the total. Life expectancy is increasing, so sticking to the original retirement age could cause some problems. In order to sustain the support of pensions, working people have to be deducted more, which would lead to the rise of the manpower cost and in turn reduce new job opportunities. We should not count on postponing the retirement age to solve all problems in the pension system. But it will make the situation better. It will also benefit retirees themselves. If employees postpone taking their pensions, they will get more money when they retire.

Opponents

Guo Junkui (www.cnhubei.com): Longer life expectancy cannot be considered a reason for postponing the retirement age. For most people, especially physical workers, they are already in poor health in their 50s or 60s, and by no means desire prolonging their working years. Therefore, in my view, the current retirement age is still practical, and should not be changed. I hope the government will not take the minority opinion over that of the majority.

That the new replaces the old, like metabolism, is an irreversible trend. Life science tells us that human beings begin aging in their 50s or 60s. In light of it, it is unreasonable to prolong people's working years. Moreover, old people who retire at a "reasonable" age can make room for young people.

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