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Thursday, 09 September 2010
 

Retirements delayed to ease strain on pension fund

News Articles | MRN | Tuesday, 9 February 2010

Shanghai plans to extend the retirement age for men and women to relieve pressure on its pension fund, this year's annual human resources and social security conference was told yesterday."We will put off the retirement age of citizens, especially for female professionals," said Vice Mayor Hu Yanzhao.Shanghai's retirement pension fund is in deficit, according to Hu.If people retire later, their incomes will come from employers, Hu said.Thus, both employees and employers will have to continue to pay social insurance, which may relieve the shortage in the pension fund.However, companies usually prefer to retire their employees and then re-recruit them, rather...

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