200 Shanghai elders put off retirement
April 14th, 2011 - 2:46 pm ICT by IANSShanghai, April 14 (IANS) Over 200 private sector employees have got themselves registered for postponing their retirement age as part of a policy initiated in the city six months back.
The retirement age was set about five decades back. It is 60 for men and 50 or 55 for women, depending on the type of job they do. The new policy says men can retire at 65 and women at 60.
Shanghai Daily reported Thursday that the retirement policy was designed to reduce pressure on the city’s pension fund since there had been a marked growth in Shanghai’s aged population.
It permits residents, excluding government employees, to draw their pension later than the retirement age if they keep working.
Bao Danru, an official, said about half of the applicants working for private firm earned good salaries.
Bao said that in case a private enterprise owner was of the opinion that an employee can continue working after reaching the retirement age, it can retain the worker and pay social insurance with fewer restrictions.
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Tags: april 14, decades, elders, government employees, insurance, job, pension fund, population, private enterprise, private firm, private sector employees, retirement age, retirement policy, salaries, shanghai, six months, social insurance