On the 13th, the Standing Committee of the National People's Congress voted and passed the decision on implementing the gradual extension of the statutory retirement age. According to the decision, starting from January 1, 2025, China will gradually extend the statutory retirement age for male employees from the original 60 years old to 63 years old over a period of 15 years, and for female employees from the original 50 years old and 55 years old, to 55 years old and 58 years old respectively. This is the first adjustment to the statutory retirement age for employees in over 70 years since its establishment in the 1950s. In addition to delaying the statutory retirement age, it has been decided to adjust the minimum payment period for monthly basic pension for employees, gradually increasing from 15 years to 20 years from 2030, with an annual increase of 6 months. On the basis of uniformly implementing delayed retirement, it is decided to allow employees to reach the minimum payment period and voluntarily choose flexible early retirement, with a maximum early retirement time of no more than 3 years, and the retirement age shall not be lower than the original statutory retirement age; Flexible retirement can also be postponed on the premise of mutual agreement between the unit and employees, with a maximum delay time of no more than 3 years. The delayed retirement reform is a systematic project. In response to the highly concerned livelihood issues of the public, it has been decided to establish a sound incentive mechanism for pension insurance, implement a priority employment strategy, safeguard the basic rights and interests of workers over the statutory retirement age, and improve the pension and childcare service system. Special provisions have been made regarding the protection of older unemployed individuals and early retirement for special occupations. The 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th Central Committee have made clear arrangements for gradually delaying the statutory retirement age. The plan issued this time is based on comprehensive consideration of China's per capita life expectancy, health level, population structure, national education level, labor supply and other factors. (New Society)