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Old 02-10-2010, 11:25 AM
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Mary Pat Campbell
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Shanghai
http://www.google.com/hostednews/afp...6KoSJnBdubDHew

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SHANGHAI — Authorities in Shanghai will raise the city's retirement age to relieve pressure on the pension fund as they struggle to cope with an ageing population and falling birth rates, state media said Tuesday.

Vice Mayor Hu Yanzhao said the city's pension fund had fallen into a deficit as more than a fifth of the population had reached the end of their working lives, the Shanghai Daily reported, without giving a figure for the shortfall.

"We will put off the retirement age of citizens, especially for female professionals," Hu was quoted as telling a government meeting on Monday.

The retirement age is currently 60 for men and 50 or 55 for women, depending on the job, the report said.

Hu did not say by how many years the retirement age would be raised, but experts have recommended five years, the report said.

The number of people aged 60 and older in China's biggest city is expected to rise to 3.12 million this year, the report said.
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