Beijing (AsiaNews/Agencies) - China is ageing faster than expected as the strict one-child policy and longer life expectancy mean the number of retired workers is growing faster than the ranks of those paying into pension funds.
More than 10 per cent of the 1.3 billion population are aged 60 or above. "The ageing problem has come around early and developed rapidly," it quoted Vice-Premier Hui Liangyu as saying.
"The proportion of the working population against the ageing population has shrunk and the number of people having to care for the elderly is rising, which will have a significant and deep impact on the economy, society, culture and more."
Beijing has previously warned that the already strained social security and pension systems must be reformed before the elderly population is expected to peak by the end of the 2020s.
In March the pension system was reportedly facing a shortfall of more than US0 billion. Defaulting on pension payments and lack of medical coverage are two key flashpoints for unrest, sparking protests by retirees across the country.