(ECNS) -- Yin Weimin, the minister of Human Resources and Social Security, said China plans to better use elderly human resources, a new policy approach after extensive talks about delaying the retirement age.
The government will gradually implement new retirement policies nationwide for all people at the same time.
Experts said the development of human resources among the aged can help address challenges faced by an aging society and a shrinking working-age population.
The employable population dropped by 3.45 million in 2012 over the year previous, when it peaked at 925 million, and is expected to fall further to 700 million by 2050.
Lu Quan, an associate professor at the School of Labor and Human Resources at Renmin University of China, said the idea of developing aged human capital could serve as a soft approach in comparison with a mandatory later retirement age.
Retirees will have an option to continue making valuable use of their experience while China's population is fast ageing, Lu added.
Li Zhong, a spokesman at the ministry, said that more elderly people still working will not affect young people's job prospects due to shrinkage in the working population.
The trend means even more jobs for those able to work, Li commented.
