BEIJING, Sept 14, (AP): Starting next year, China will raise its retirement age for workers, which is now among the youngest in the world’s major economies, in an effort to address its shrinking population and aging work force.

The Standing Committee of the National People’s Congress, the country’s legislature, passed the new policy Friday after a sudden announcement earlier in the week that it was reviewing the measure, state broadcaster CCTV announced.

The policy change will be carried out over 15 years, with the retirement age for men raised to 63 years, and for women to 55 or 58 years depending on their jobs. The current retirement age is 60 for men and 50 for women in blue-collar jobs and 55 for women doing white-collar work.

“We have more people coming into the retirement age, and so the pension fund is (facing) high pressure. That’s why I think it’s now time to act seriously,” said Xiujian Peng, a senior research fellow at Victoria University in Australia who studies China’s population and its ties to the economy.

The policy will be implemented starting in January, according to the announcement from China’s legislature. The change will take effect progressively based on people’s birthdates.

For example, a man born in January 1971 could retire at the age of 61 years and 7 months in August 2032, according to a chart released along with the policy. A man born in May 1971 could retire at the age of 61 years and 8 months in January 2033.

Demographic pressures made the move long overdue, experts say. By the end of 2023, China counted nearly 300 million people over the age of 60. By 2035, that figure is projected to be 400 million, larger than the population of the U.S. The Chinese Academy of Social Sciences had previously projected that the public pension fund will run out of money by that year.