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1-Child Policy Long-Term Impact of Postponing the Retirement of Chinese Workers: Report


The policy has been in use since 2013 but was delayed due to hatred among the labor force

Beijing:

The Chinese Communist Party (CCP) is postponing the retirement age of its government employees because the cruel policy of one child bears its long -term effects in the form of an aging population accompanied by increased state spending on social security pensions, a report said. on Friday.

Beginning March 1, the Chinese Communist Party (CCP) began implementing a deferred retirement policy to solve the problem of inadequate old social security pension funds, Inside Over reported.

The move was made as a result of last year’s “14th Five-Year Plan for the Development of National Aging and Elderly Care Services System” released by the State Council of the Communist Party of China on December 30.

“The only reason is that there is no money now,” Feng Chongyi, a professor at Sydney University of Technology and an expert on China, said in an interview with the Epoch Times, adding, “local governments are short of supplies. And these holes cannot be filled.”

The policy has been in use for a long time since 2013 but it was delayed due to strong hatred among the labor force, according to China’s digital platform Tencent.com.

Feng also stressed that CCP family planning has destroyed natural population laws, which not only caused an imbalance of the male and female population in China but also affected labor supply and made China an aging society, the report said. .

An additional problem for the CCP is that the new measure is set to leave tens of millions of graduates each year, nowhere to go, because the old cannot retire, and the young have nowhere to go.

“The deferred retirement policy reflects that social welfare spending related to retirement and old age has become a heavy burden on the central government’s financial spending, so it is deferring retirement to minimize this, its salary pressure,” said Wu Jialong, a Taiwanese economist.

He added that postponing retirement was the last resort for the Central Committee of the Communist Party of China to deal with financial stress, also warning that civil unrest would occur in the future due to financial stress.

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