Raise Retirement Age, Give Central Government More Control to Avoid Pension Deficits, Ex-Finance Minister Says

To prevent China’s pension funds from running dry, the country should raise the retirement age as soon as possible and give the central government more control over the now-fragmented system, former Finance Minister Lou Jiwei said.

Even though pension contributions made by urban employers and employees are relatively high compared to other countries, the system still faces serious shortfalls, Lou said Thursday at a Caixin forum on the elderly care industry.