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Here’s a woman in Guangzhou sharing the scene of her family of four sitting together and scrolling through recruitment APPs looking for jobs. It was February 29, 2024. It reflects the soaring unemployment situation in China at the moment.
Against this background, the Chinese Communist Party (CCP) is ready to launch a policy of delaying retirement. What’s the rationale behind this? In this episode, we explore this topic.

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As the global economy continues to face challenges, policymakers around the world are struggling to address the pressing issue of high unemployment rates. On the other hand, there is also a significant concern about the increasing trend of delayed retirement and the large gap in pension fund deficits, leaving many retirees at risk of financial insecurity in their later years. This confusing policy dilemma has left governments and economists unsure of the best way forward.

One of the main reasons for the high unemployment rates is the ongoing impact of the COVID-19 pandemic. Lockdowns and restrictions have led to many businesses shutting down or reducing their workforce, resulting in millions of people losing their jobs. This has left governments scrambling to provide support for those who are unemployed, while also trying to stimulate economic growth to create new job opportunities.

On the other hand, delayed retirement has become a common trend in many developed economies. With rising life expectancies and improvements in healthcare, people are living longer and healthier lives. This has led many individuals to delay their retirement in order to continue earning an income and build up their retirement savings. However, this trend has also put pressure on pension funds, as more retirees are drawing on their pensions for a longer period of time, leading to a large gap in funding.

The dilemma for policymakers is how to address these two conflicting challenges. On one hand, they need to stimulate economic growth and create job opportunities to reduce the high unemployment rates. On the other hand, they also need to find ways to address the large gap in pension fund deficits and ensure that retirees have enough income to support themselves in their later years.

One possible solution could be to encourage older workers to retire earlier in order to make room for younger individuals to enter the workforce. This would help reduce the unemployment rate while also reducing the burden on pension funds. Additionally, policymakers could also consider increasing contributions to pension funds or implementing reforms to ensure their long-term sustainability.

Overall, the conflicting challenges of high unemployment rates and delayed retirement with a large gap in pension fund deficits present a complex policy dilemma for governments. Finding a balance between addressing these issues will require innovative solutions and collaboration between policymakers, economists, and stakeholders to ensure the well-being of both current and future generations.