(ECNS) -- A green book on population and labor has advised authorities to postpone the statutory retirement age to 65 starting in 2018, Chinanews.com reported.
The green book was co-released by an institute at the China Academy of Social Sciences and the Social Sciences Academic Press on Wednesday.
The current policy, 50 or 55 for women and 60 for men, was formulated in the early 1950s, which is quite innappropriate now, the report said.
The book also outlined a more flexible retirement plan. It suggested a complete merging of social insurances in 2017 as the first step. In the second step, from 2018, female employees' retirement age will be pushed back one year every three years, while male employees' retirement age by one year every six years, it said.
In 2045, all employees will retire at the age of 65, according to the report.
An extension of the retirement age will work much better on improving labor shortage, it was added.
China has 210 million people aged 60 or above, accounting for 15.5 percent of the population. It is estimated that by 2020, this section of society will make up 19.3 percent of the population, and 38.6 percent in 2050.
