China has one of the biggest gaps in retirement ages between men and women. China's retirement age is 60 years for men, 55 years for female white-collar workers and 50 years for female blue-collar employees. The average age in the country is 56.25 years.
Since 15% of the total population is already at retirement age or even older, there are rumors that the government would revise the age to help combat the effects of an unbalanced labour population. Though the government is trying to increase pension and other social insurance coverage, the majority of workers still lack an effective social welfare safety net.
As the workforce gets older, China's pension shortfall is emerging as the next big challenge for policymakers . China's retirement funding gap is $11 trillion and is expected to rise to $119 trillion in 2050.