On 13 September 2024, the 11th Session of the Standing Committee of the 14th National People's Congress of the PRC adopted and released a decision on implementation of the gradual extension of the statutory retirement age, announcing that the statutory retirement age will be gradually raised from 1 January 2025. The specific adjustment plan for the statutory retirement age is as follows:

1. Male Employees
   
   Currently, the statutory retirement age for male employees is 60 years old. Starting from 1 January 2025, the statutory retirement age for male employees will be gradually adjusted to 63 years old over a period of 15 years at the pace of a delay of one month every four months.
   
   
2. Female Employees
   
   Currently, the statutory retirement age for female employees in non-managerial or technical positions is 50 years old, while the statutory retirement age for female employees in managerial or technical positions is 55 years old. Starting from 1 January 2025, female employees whose statutory retirement age was 55 years old will gradually adjust their statutory retirement age to 58 years old over a period of 15 years at a pace of one month every four months, while female employees whose statutory retirement age was 50 years old will gradually adjust their statutory retirement age to 55 years old over a period of 15 years at a pace of one month every two months.
   
   
3. Minimum Years of Pension Contributions
   
   Starting from 1 January 2030, the minimum years of pension contributions will be raised by 6 months annually. Starting from 1 January 2039, at least 20 years of pension contributions must be made in order to receive pension benefits.
   
   Employees who have reached the statutory retirement age but not qualified for the minimum years of pension contribution can achieve the minimum number of years by extending the contributions or making a one-time payment.
   
   
4. Flexible Retirement
   
   Early retirement: Employees who have reached the minimum years of pension contributions may voluntarily choose to retire by no more than 3 years in advance. But it is not allowed to retire earlier than the previous statutory retirement age.
   
   Flexible late retirement: When an employee has reached the statutory retirement age, the employer and employee may negotiate and reach an agreement to postpone the retirement. But such a delay shall be no more than 3 years.
   

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