When you ask 72-year-old farmer Huanchun Cao about his pension, he just laughs heartily.
As he takes a drag from his homemade cigarette, Mr. Cao furrows his brow and glances at his wife of more than 45 years, chuckling as if the question itself is absurd. “Pension? No, no, we don’t have that,” he says.
Mr. Cao belongs to a generation that witnessed the rise of Communist China. Like his country, he’s aged without amassing wealth. Alongside many rural and migrant workers, he’s left to keep working just to make ends meet, with little support from a fragile social safety net.
In Xi Jinping’s China, a combination of a slowing economy, reduced government benefits, and the long-standing one-child policy has led to a slow-moving crisis. The pension system is running out of funds, and time is running out to build up enough resources to support the growing number of elderly.
Over the next decade, approximately 300 million people, now aged 50 to 60, will exit the Chinese workforce. This group is roughly the size of the entire US population.
But who will take care of them? The answer varies depending on who you ask and where you look.
In the northeastern province of Liaoning, where Mr. Cao and his wife reside, you’ll find vast stretches of farmland and remnants of China’s industrial past. Nearly a quarter of the population here is 65 or older. Many working-age adults are leaving for better opportunities elsewhere, leaving behind an aging population.
Mr. Cao, with his children also moved away, reflects on his future while tending to his farm. He knows he can’t keep working forever, especially as the prices for his crops decline. With minimal savings and no pension, the fear of becoming a burden on his children looms large.
Meanwhile, 55-year-old Guohui Tang has taken a proactive approach. She opened a small care home to secure her own future, recognizing the need to support herself as she ages. Despite the financial strain, she’s determined to ensure her independence.
Traditionally, in China, families relied on filial piety to care for their elders. But with fewer children and a growing number of elderly, this system is under strain. The government’s pension fund is also facing challenges, with projections suggesting it could run dry by 2035.
In response, experiments like the Sunshine Care Home in Hangzhou are underway, offering a glimpse of potential solutions. However, these initiatives require significant investment and time to become financially sustainable.
Unlike Japan, which had economic prosperity before facing a similar demographic shift, China is aging rapidly without the same financial cushion. This reality forces many older adults to navigate their twilight years without the security they had hoped for, illustrating the urgent need for innovative solutions to support the aging population.
Fifty-five-year-old Shuishui has embraced a new venture in what’s known as the “silver-haired economy,” aiming to tap into the purchasing power of middle-class seniors.
“I believe in spreading positivity and lifelong learning,” she says, emphasizing the importance of staying upbeat regardless of financial circumstances.
Shuishui acknowledges her privilege but remains optimistic about the future. Once a businesswoman, she’s now training to be a model. Alongside three other women over 55, she poses elegantly by the Grand Canal in Hangzhou, clad in traditional Chinese attire, for social media photoshoots.
For Shuishui, this is more than just striking a pose – it’s about contributing to the economy and showcasing aging gracefully.
Meanwhile, for Mr. Cao, working the fields until he can’t anymore is just the way of life. He knows the hardships of rural living, especially during planting season when the frost thaws and the workload increases.
“Life for us farmers is tough,” he remarks, gesturing towards the frost-covered fields. “But it’s what we know, and we endure because we must.”
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