China’s pension system is under stress and could potentially run out of money in a decade. Now it faces a new threat: tens of millions of mostly young workers who refuse to pay into it. Humphrey, a 24-year-old tango instructor, and Gao Peng Cheng, a 22-year-old content creator, are among them.
They say they’re pessimistic about China’s economic future and that their money could be put to better use. Yet, China’s pension system needs that money.
More than 20 million Chinese are expected to retire each year over the next decade. And most will be eligible to receive some sort of retirement benefit.
It’s part of the reason why, on Jan. 1, President Xi Jinping’s government officially raised the country’s retirement age for the first time in more than 40 years.
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