China will raise the retirement age of its work force. Here’s why

The policy change will be carried out over 15 years, with the retirement age for men raised to 63 years, and for women to 55 or 58 years depending on their jobs. Starting next year, China will raise its retirement age for workers, which is now among the youngest in the world’s major economies, in an effort to address its shrinking population and aging work force.The Standing Committee of the National People’s Congress, the country’s legislature, passed the new policy Friday after a...