Many workers may retire with little or no benefits
A large workforce is critical for a pay-as-you-go system, but China is facing a larger aging population at the moment — and the country’s now-defunct one-child policy is partly to blame.
The country increased the limit to two children in 2016, though the effects of that increase won’t be felt for years to come. The workforce will continue to decline into 2030, and then begin to tick upward thereafter by the higher birthrate from the new two-child policy, according to a 2018 report published in the Lancet, a medical journal.
China is also in the midst of pension reform. The country began expanding pension coverage in 2003, in part to assist elderly residents in rural areas who are rarely covered by the program. The basic principles of China’s system include employers and employees both making contributions to pensions, medical and unemployment funds, and having local governments manage insurance funds, according to the China Labour Bulletin .
Not only did the policy affect the efficiency of the country’s pension, but it has also put extra pressure on young individuals, who are expected to care for themselves, their parents and in some cases, their grandparents, too. Many Chinese citizens traditionally care for their elderly family members, physically and financially. “You have an inverted pyramid,” Kochis said. “They’ve set themselves up for a serious problem, from a cultural expectation standpoint.
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