Economists have long called for an overhaul of the nation's retirement age laws, currently among the world's lowest, which was set in an era of lower life expectancies.
Raising the retirement age would help ease local governments' pension pool cash crunch, Sheana Yue, an economist from Oxford Economics said.
Still, "more needs to be done to improve retirement adequacy," Maybank's Tay said, while stating that China needs a stronger pension plan and diversified investment avenues to ensure sustainable retirement savings.
China's Ministry of Human Resources and Social Security has added a few tools for citizens to check their indicated retirement age on its website and mobile app.
China may roll out "another round of delay in the late 2030s, especially if China's pension fund balance is tight," Xu cautioned.
Persons:
Erica Tay, Tay, Bruce Pang, Tianchen Xu, Xu, Yue, Maybank's Tay
Organizations:
Getty, Maybank Investment Banking Group, CNBC, Economist Intelligence Unit, Oxford Economics, Academy of Social Sciences, China's Ministry of Human Resources, Social Security
Locations:
Fuyang, China, JLL, Beijing