China embarks on gradual retirement age reform to address pension pressures

admin 2024年7月27日

Intermediate

world news, world news - intermediate

Pre-reading questions:

I will read each question. Then, please answer them.

What does it mean when a country has an “aging population”?
What is the retirement age in your country, and how has it changed over time?

Vocabulary:

I will read the words, meanings, and sample sentences. Then, repeat after me.

retirement /ri-TAHYUHR-muhnt/

[noun] – the act of leaving your job and stopping working, usually because you are old
After 30 years of dedicated service at the company, Mr. Jones celebrated his retirement with a grand farewell party.

strain /streyn/

[noun] – a force or influence that stretches, pulls, or puts pressure on something, sometimes causing damage
The constant strain of managing a large team without sufficient support led to his eventual burnout.

pension /PEN-shuhn/

[noun] – a regular payment made by the government or a private company to a person who has retired
She relies on her pension to cover her monthly expenses.

measure /MEZH-er/

[noun] – actions taken to achieve a particular purpose
The government implemented strict measures to control the spread of the disease.

shrink /shringk/

[verb] – to become smaller in size or amount
The company’s profits have been shrinking due to the economic downturn.

Article reading:

Please read the whole article. Then, I will check your pronunciation and intonation.

China has announced a plan to gradually raise the retirement age, which is currently one of the lowest in the world. This decision aims to reduce the growing strain on pension funds, as many regions are already experiencing shortages. The change is necessary because people in China are living longer, with life expectancy reaching 78 years in 2021, higher than in the United States. The policy, released on Sunday, also includes measures to address the declining birth rate and the aging population, which has been shrinking for the second year in a row in 2023 and is expected to keep decreasing.

The authorities plan to complete the retirement age reforms by 2029. Currently, men retire at 60, women in white-collar jobs at 55, and factory workers at 50. The new rules will allow workers to continue working past these ages. The aging population is expected to grow significantly by 2035, a trend seen globally that leads to raising retirement ages to protect pension funds. Michael Herrmann, a senior adviser at the United Nations Development Population Fund, emphasized the importance of flexibility in these changes, including options like part-time or remote work. China’s pension system, which is dependent on a shrinking workforce, is considered unsustainable. Eleven provinces already face a pension shortage, and experts warn the system could run out of funds by 2035, stressing the urgent need for reform.

Comprehension questions

I will read each question. Then, please answer them based on the article.

What plan has China announced?
Why does China need to raise the retirement age?
What is the current life expectancy in China, and how does it compare to the United States?
By what year do the authorities plan to complete the retirement age reforms?
What warning have experts given about China’s pension system?

Discussion questions