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Here's a translation of the actual statute, which I would rather sift through than read the Western coverage take on this:

Decision of the Standing Committee of the National People's Congress on the Implementation of a Gradual Delay in the Statutory Retirement Age

(Adopted on September 13, 2024, at the 11th Meeting of the 14th Standing Committee of the National People's Congress)

In order to thoroughly implement the Central Committee's decision on the gradual delay of the statutory retirement age, adapt to the new demographic situation in China, and make full use of human resources, the 11th Meeting of the 14th Standing Committee of the National People's Congress decides as follows:

Gradual Adjustment of Retirement Age:

Men and Women: The statutory retirement age for male employees will be gradually extended from the current 60 years to 63 years over a period of 15 years. For female employees, the retirement age will be extended from the current 50 and 55 years to 55 and 58 years, respectively, over the same period.

Principles for Implementation: The gradual delay in the statutory retirement age will adhere to principles of incremental adjustment, flexible implementation, differentiated progress, and overall coordination.

Government Responsibilities: Local governments at all levels should actively respond to aging demographics, encourage and support employment and entrepreneurship, safeguard workers' rights, and coordinate efforts related to pension and childcare services.

Approval of Detailed Measures:

The "Measures for the Gradual Delay of the Statutory Retirement Age" issued by the State Council are hereby approved. The State Council may supplement and refine these measures as needed.

Effective Date and Previous Regulations:

This decision will come into effect on January 1, 2025. The provisions regarding retirement age in the "Interim Measures on the Placement of Elderly, Disabled, and Sick Cadres" and the "Interim Measures on the Retirement and Resignation of Workers" approved by the 5th National People's Congress Standing Committee at its 2nd meeting will no longer apply.

Measures for the Gradual Delay of the Statutory Retirement Age

Guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, and in deep implementation of the spirit of the 20th National Congress and the 2nd and 3rd Plenaries of the 20th Central Committee, and considering factors such as life expectancy, health levels, population structure, educational attainment, and labor supply, the following measures are enacted for the gradual delay of the statutory retirement age:

Article 1: Starting January 1, 2025:

For male employees and female employees whose statutory retirement age is 55 years, the retirement age will be gradually extended by one month every four months until it reaches 63 years and 58 years, respectively.

For female employees whose statutory retirement age is 50 years, the retirement age will be gradually extended by one month every two months until it reaches 55 years. National regulations will take precedence where applicable.

Article 2:

Starting January 1, 2030, the minimum contribution period for receiving basic pensions will be gradually increased from 15 years to 20 years, with an annual increment of six months. Employees reaching the statutory retirement age but not meeting the minimum contribution period may extend their contributions or make a lump-sum payment to meet the minimum requirement and receive monthly pensions.

Article 3:

Employees meeting the minimum contribution period may voluntarily choose flexible early retirement, up to three years before the statutory retirement age, provided that the retirement age is not lower than the original statutory age of 50 or 55 for women and 60 for men. Employees reaching the statutory retirement age may also choose flexible delayed retirement, up to three years, with mutual agreement from their employer. The implementation must respect employees' wishes and cannot involve compulsory or disguised compulsory retirement.

Article 4:

The country will improve the pension insurance incentive mechanism, encouraging longer, higher, and later contributions for higher benefits. The calculation of basic pensions will be linked to individual contribution years and actual contributions, and personal account pensions will be determined based on retirement age and account balance.

Article 5:

The country will implement a priority employment strategy, promoting high-quality and full employment. The employment public service system will be improved, and lifelong vocational training will be enhanced. Support for youth employment and entrepreneurship will be provided, and job development for older workers and assistance for disadvantaged individuals will be strengthened. Measures against age discrimination in employment will be enhanced, and incentives for employers to hire older workers will be introduced.

Article 6:

Employers hiring workers beyond the statutory retirement age must ensure that workers receive fair wages, rest, labor safety and hygiene, and work injury protection. The rights of flexible employment and new employment form workers will be protected, and paid annual leave systems will be improved.

Article 7:

For individuals receiving unemployment benefits with less than one year until statutory retirement age, the duration of benefits will be extended to the statutory retirement age. During the period of gradual delay, the unemployment insurance fund will pay pension insurance contributions for these individuals as required.

Article 8:

The country will standardize and improve policies on early retirement for special occupations. Workers engaged in underground, high-altitude, high-temperature, or especially strenuous physical labor, as well as those working in high-altitude areas, may apply for early retirement if they meet the conditions.

Article 9:

The country will establish a coordinated pension service system combining home, community, and institutional care, and develop an inclusive childcare service system.

Obviously, the 60-55 retirement age has been one of the policies the goons at places like The Economist have long crocodile teared China on and that tantrum had been greatly memed on by leftists. Most 20th century socialist states maintained a retirement age around 55-60. This is a fairly sizeable clawback of a major worker's concession, there's no really denying it. The age increases to numbers like 63 and 58 for men and women respectively seem to be anticipating a further second increase to 65 and 60, whereupon the statutory age for white and blue collar working women might be even equalized at that stage (i.e. 55 to 60 for the latter). That is the game played in the West, where they seem to be gradually working their way to establishing the full pension retirement age at 70 with current "stretch-goal" numbers like 67 (US, Germany), 68 (UK).

The immediate one-two punch is the basic pension contribution period increase from 15 to 20 years (5 years) when retirement age increased only 3 years. Beyond the policy measures themselves, I would say that the promulgation of this statute indicates that the CPC believes that the demographic issue, and specifically, the decline in the overall working age population are real and rather serious if they would adjust the retirement age like this, a policy that affects the entire population and thus will have inevitable knock-on effects.

Of course, it's arguable that this would merely be a bandage solution to artificially boost the working population numbers rather than addressing the root of the problem. If the CPC weren't currently undergoing through the planned demolition of the real estate sector bubble, I would be seriously concerned at a lack of willingness in addressing, or even identifying, the base causes of the contemporary Chinese demographic issue.