China has announced plans to raise the statutory retirement age to 63 for male workers and between 55 to 58 for female workers, depending on the type of job. This adjustment is aimed at addressing the challenges posed by a declining working-age population. Despite concerns among youth regarding age discrimination and heightened competition for jobs, expert Du Peng from Renmin University suggests that the change will not negatively impact young job seekers. He points out that the employment landscape is evolving, with various roles requiring different age groups for their unique skill sets.

According to Du, the government's focus on employment and youth support remains a priority, and measures are being put in place to aid younger individuals in finding work. The new retirement policy incorporates a flexible approach, allowing employees the option to retire early or postpone their retirement by up to three years. This flexibility reflects the diverse needs of both workers and employers, indicating a mutual benefit.

Du further explains that older individuals who choose to delay retirement can still contribute significantly to the workforce, demonstrating both their capacity and willingness to work. As for the potential labor cost implications for companies, he notes that it is dependent on the specific strategies they adopt. Companies can leverage the experience and skills of older employees to optimize their resources while balancing the interests of all workers involved, in line with the flexible principles of the new retirement policy.