China will raise the retirement age of its population by three to five years, the state news agency Xinhua reported on Friday. The country previously had one of the lowest retirement ages in the world. Starting from January 1, 2025, the pension age for men will gradually rise over the next 15 years from 60 to 63. For women, for whom there were previously two retirement ages depending on their occupation, the increase will be either be from 50 to 55 or from 55 to 58. The changes update regulations in place since the 1970s in order to slow down the shrinking of the labour force. According to Xin…