The new policy also highlights employment support for youths and workers at older ages, and encourages local authorities to tighten prevention of age-related job discrimination while prompting employers to hire more senior candidates.
Under the new policy, employers who hire workers older than the statuary retirement age should give such new employees basic working benefits related to income, right to rest, safety and job-related injury insurance.
Li Zhong, vice-minister of human resources and social security, said that the new retirement policy will be implemented steadily and at a modest pace, and positions vacated by new retirees may not be that suitable for youths, so the changes will likely have a mild impact on youth employment.
Li said the nation will continue to prioritize youth employment to let it grow at a reasonable rate and with higher quality.