Jinli Guo/E+ via Getty Images China will gradually raise the statutory retirement age for the first time since 1978 as the country's workforce shrinks, despite public opposition amid concerns over worsening youth unemployment. The Standing Committee of the National People's Congress on Friday voted to raise men's retirement age from 60 to 63 over the next 15 years, and that of women from 50 and 55 to 55 and 58, respectively. The move takes into account increased life expectancy in China, shrinking workforce, and more years of education. The decision will come into force on January 1, 2025. The existing retirement ages were fixed in the 1950s, according to state-run news agency Xinhua, when the average life expectancy in China was less than 50 years. It has now reached 78.6 years, with experts expecting it to surpass 80 years before 2030. People aged 60 and above are expected to cross 400M by 2035, accounting for over 30% of China's total population, which has been declining for two consecutive years. Chinese lawmakers voted to gradually increase the minimum period for basic monthly pension payments from 15 years to 20 years, with an increase of six months each year, effective from January 1, 2030. This has added to concerns over these payments, as China's pension system for urban employees is projected to run out of money by 2035, according to state-run Chinese Academy of Sciences.