Many workers may retire with little or no benefits
A large workforce is critical for a pay-as-you-go system, but China is facing a larger aging population at the moment — and the country’s now-defunct one-child policy is partly to blame.
The country increased the limit to two children in 2016, though the effects of that increase won’t be felt for years to come. The workforce will continue to decline into 2030, and then begin to tick upward thereafter by the higher birthrate from the new two-child policy, according to a 2018 report published in the Lancet, a medical journal.
China is also in the midst of pension reform. The country began expanding pension coverage in 2003, in part to assist elderly residents in rural areas who are rarely covered by the program. The basic principles of China’s system include employers and employees both making contributions to pensions, medical and unemployment funds, and having local governments manage insurance funds, according to the China Labour Bulletin .
Not only did the policy affect the efficiency of the country’s pension, but it has also put extra pressure on young individuals, who are expected to care for themselves, their parents and in some cases, their grandparents, too. Many Chinese citizens traditionally care for their elderly family members, physically and financially. “You have an inverted pyramid,” Kochis said. “They’ve set themselves up for a serious problem, from a cultural expectation standpoint.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Abbott Signs Odell Beckham Jr. To Promote Pedialyte For AdultsOBJ is the first endorsement partner for Pedialyte, which is now used by adults more than children to help rehydrate from training, travel and illness.
Leer más »
Nepal’s ‘Mother Teresa’ Has Rescued Over 18,000 Girls from Sex Trafficking'I want a society free of human trafficking, I hope I will make it happen one day.' Via GlblCtzn sextrafficking
Leer más »
Here’s how other countries financially support their retireesOne out of 11 people around the world are 65 or older today... in the next 30 years, that figure will jump to one out of every six.
Leer más »
The Trump Tariffs Will Soon Eliminate Economic Gains From DeregulationTariffs Donald Trump has imposed on imports from China will eliminate the economic benefits of the administration’s regulatory policies.
Leer más »
It's National Food Bank Day—Here's how you can donateOn National Food Bank Day, marked on the first Friday in September, you can help contribute to the cause that believes no-one should go to bed hungry.
Leer más »
Pope denounces danger of corruption in Mozambique MassPope Francis wraps up his visit to Mozambique by meeting with HIV-infected mothers and children at a Catholic Church-run hospital in one of countries hardest hit by the AIDS epidemic, nwinfield writes.
Leer más »