Some thoughts on retirement

Comment on "Flexible Retirement Age" (China Daily, Jan 21)

The Ministry of Human Resources and Social Security has been studying different possibilities of changing the retirement age or making it more flexible. But I believe the negative impacts of such a change will outweigh the positive.

The ministry believes extending the retirement age will "postpone pension deficiencies". According to the 2011 pension report, the pension deficit in the country was almost at 70 billion yuan ($11.9 billion). But what happens if not all workers want to extend their careers? So instead of postponing the problem, the government should find ways to improve the economy and fund retirees' pensions.

The article also says that if workers extend their careers beyond the "State retirement age", it will be harder for new candidates to find jobs. The higher the retirement age, the more difficult it is for young people to get employment. And a large population of unemployed youth means less circulation of money in the economy. People recently out of college barely have any money, while retirees at least have a possible pension to look forward to.

Extending the retirement age cannot possibly end gender discrimination either. The average retirement age for men is 60 years and for women 50-55. If workers can choose their own retirement age, these numbers may begin to balance out. Gender discrimination is an important issue, but it is more important for young job seekers to find jobs, and for money to continue circulating in the economy.

Carmella Tomasetti, via e-mail

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