Retirement Delay

Technically retirement means you don’t have to work but still get paid under certain circumstance and legal framework, but for our generation, it’s a pseudo problem.

I read a news recently, that Japan congress just passed the bill of retirement delay, people have to get their retirement compensation after 70 years old. The similar rumor swirled around in China as well in recent years, retirement delay is one of the resolution to balance the gap in the retirement fund pool.

Just like in Japan, China got the same problem of population aging, low birth ratio, especially in city, because of the pressure of making a living in first tie city is enormous. Currently, the retirement age of Chinese citizen is 60 for male, 55 for female, obviously the population of aging people increase dramatically in the future, given the fact of influence of one child policy since 1980s, which also have a great sin and caused disaster for lots of women living in that age.

At the first place, aka, since the first day I worked, I never believe I got the chance to live depend on the retirement compensation when I get retired, like my parents who can live an averaged and almost decent retirement life via their retirement compensation per month. Although I got a full payment of approximate 10% of my salary to pay the retirement tax every month.

I give you some reason why I think it is an illusion for people.

  • Your parents can retire at 60 or 55, you you can’t, the retirement law can be changed easily to delay the retirement date.
  • For most of ordinary people, the working protection procedure is not enough, which cause the occupational injury easily, some of which are invisible for years, when you come to more than 50 years, you got to pay for your health. In short, you can not live that long the same as Japanese (more than 80)
  • Pollution problem is severe, especially for the air pollution and food pollution which you basically can not hide or escape from. Cancer ratio is increasing during these years, here, I have to say, the authority are making effort to correct the mistake on the pollution, this winter as I can see it would be the first  time achievement for the smog, but they have to balance the pollution and the economic, because lots of manufactory was suspended to save the air pollution.
  • Inflation is severe, the only way to keep you money in current value is to invest in the real estate, but as government regulate the real estate market since 2017, it is also hard for ordinary people to play in this game. Thinking about this situation, when you are in the age of retirement, you got 5000 RMB per month for compensation, it is fair enough to live a decent life in today’s Beijing, but it may be just the same as 500RMB as today in the future, given the fact of inflation in the past 30-40 years.
  • Illness can make you bankrupt over night, it is true, especially for the severe illness, as the insurance usually don’t cover for the real expense for this kind of illness, but you never found the insurance say they are not covering the severe illness, they only keep that in a obscure way of limiting the use of the good(expensive) drugs, which is in practicing the most important to the patient. Our authority actually have been aware of that problem, the prime minister have addressed this issue recently, but I don’t see it will come to ground when we, this generation got retired.

So what are people gonna do.

Actually you can do nothing under the current law framework, rather than save more money as possible as you can for emergency, such as illness

  • Make a good living, don’t expect the retirement date as the last generation did in last century. If you want do something, such as traveling, just do it.
  • Migration to other country is not a bad idea for the middle class, but if you are getting used to the prosperity of China, night life, and opportunity of making money, then you may be feeling boring in such as US, or Europe, most people go home after working hour.
  • Starting your own business, there will be lots of old people need to work to afford themselves, so hiring people are better than being hired.
  • Buildup a solid skill such as finance, Language, etc, which would be accumulated and hardly be obsolete over years and when you are getting old, you don’t have to pay more attention to refresh your skill and can work as individual of an advisor.
  • Never be the replaceable labour, Be remembered , AI will seize of most of the traditional jobs.

The last, and the most important: be optimism, if you do nothing, that’s fair enough as neither do most people , God will pave the path for you in some way.

 

Notes: Featured image is from here under CC0 Creative Commons

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