The video (intentionally or unintentionally) overlooked the fact that the Chinese pension system benefits people of different jobs differently. For gov't employees who joined the gov't before 2014, they are "considered" to have paid full pension (even though they did not) and therefore receive the highest amount of pension when they retire. However, those who work in the private sector or are self-employed (like farmers), only get a small fraction. This has resulted in huge inequalities among old people in China. For instance, someone who works in the government and retired last year can easily receive 10000 yuan per month, while the monthly average salaries in most cities are below that. It is essentially the young people subsidizing the old, especially those who organized this structure in the gov't. This inequality, in addition to the population issue, makes many young people lose hope of a working pension when they retire.
@roxiewang89432 күн бұрын
They mean it. They just want to influence the country in a terrible way possibility. Those who might be influenced are those who will pay with their own future. Evil media.
@zill80212 күн бұрын
All pension systems are unfair in one way or the other. That is why many go the laissez faire route.
@lomusckoКүн бұрын
Não vejo diferença da situação brasileira, e o Brasil é uma democracia capitalista.
@rcbrascanКүн бұрын
The inequality is justified because of meritocracy even though it is not really fair. To work in government, you need to have been a top student from top universities. For workers who didn't perform well academically, they can't really complain because everything is transparent.
@patrickchan2503Күн бұрын
Sounds like an international Ponzi scheme
@dengist81722 күн бұрын
0:10 Bro has NO views he's not a content creator 💀he's unemployed
@fearlessX0072 күн бұрын
Human Metapneumovirus: After Coranvirus, mysterious virus HMPV reported in China
@ruen992 күн бұрын
LOLLLL
@focusezz69472 күн бұрын
he's gotta save face when his family asks him lol
@wizaaeed2 күн бұрын
Nah, he's an actor for the vid, cuz his content creation dead 😂
@bernardszeto20642 күн бұрын
The workers need to work overseas to earn more!
@HKim00722 күн бұрын
Not discussing that the payouts for the pension system support the retired government workers instead of the public is borderline criminal.
@BlackJesus8463Күн бұрын
Thats wild! Why does anyone else contribute if they can opt out and invest their own money?
@choiswimmerКүн бұрын
Thats the same with the US what's your point
@xuli3961Күн бұрын
Sadly this is how real world works, social resource always goes to who owns more.
@HKim0072Күн бұрын
@@choiswimmer Actually, that's not how the US works. The Federal government has a separate pension plan: FERS which is a multi-tiered plan. But, it's backed by the government and is underfunded. Social security trust is a totally separate entity. State and local governments have their own pension plans.
@HKim0072Күн бұрын
@@xuli3961 "Generally" OECD countries have transparent policies. Not so much in Winnie the Pooh land.
@jayeshratangairi8732Күн бұрын
Ideal situation for every government. Life expectancy -65 years Retirement age -70 years Profit 😂
@TheOrijinalPajeetКүн бұрын
Thats how the Soviet Union worked. Bottom prices for alcohol and cigarettes so you can die before you draw a pension, and medical systems that do the bare minimum if you get ill.
@BlahcvgfgКүн бұрын
America got real silent
@apc9714Күн бұрын
That's actually how it was when pensions were introduced in the early 1900s
@nox40002 күн бұрын
In Finland we've to pay 25 % of the salary into the pension system which invests exceptionally poorly. The current target retirement age for young people is ~70. Imagine paying 25 % of your salary for 50 years and then retiring with a so bad health that you won't be able to enjoy your retirement at all. Most probably the pension system still won't be able to sustain, and the young people will be robbed those pension payments.
@sanyi96672 күн бұрын
same in most european countries
@ssuwandi32402 күн бұрын
Didn't sound too bad at all. Not complaining with Kommunist is the key to perspectives
@ssuwandi32402 күн бұрын
Europeans pay a membership price. All inclusive price.. Don't worry
@sanyi96672 күн бұрын
@@ssuwandi3240 we complain a lot
@master81272 күн бұрын
And yet the youth doesnt protest. I dont get it tbh
@JamesBlume-u4i2 күн бұрын
Pensions they will NEVER see !
@GameFuMasterКүн бұрын
ponzi scheme
@AAAAAA-tj1nqКүн бұрын
Wrong. They will see the pension unlike the health insurance where health company unwilling to pay out. Turns out great for the ceo
@user-tr1zjКүн бұрын
@@AAAAAA-tj1nq no, they won't see the pension either because ponzi schemes collapse when there aren't enough newer participants, which is what happens when the population starts decreasing
@krazywatch79132 күн бұрын
The youth in China are boycotting pensions because they have the option to; meanwhile, in France, the situation is equally dire, but there's no escape from the state's financial grasp: With 25% of the workforce employed by the state and their pensions predominantly funded by taxes rather than pension funds, coupled with a forecast of approximately 2 pensioners for every 3 workers by 2050-and eventually an equal number of pensioners and workers-the pension system in France is facing like China a significant crisis
@ssuwandi32402 күн бұрын
But it won't collapse for France. France problem is different. Their mistake was one child policy that they must be facing off the consequences three decades later!!
@master81272 күн бұрын
Same in germany - only we have even worse demographics than france The only thing that I dont understand is why the youth doesnt start to protest
@zannierzan96342 күн бұрын
The *rich youth. Yes, even the ones that resembles urban low-paid workers in Europe. The actual poor youth in China work in factories, bouncing between rural area and cities. They don't need to boycott, because they know they're doing much better than the majority of their peers. The fact that farmer isn't the poorest-paid job in Europe speaks volume about how different Europe and China is.
@ssuwandi32402 күн бұрын
@zannierzan9634 Ssshh.. do not lure them either.
@asw654Күн бұрын
The one child policy is overblown and misrepresented by American media
@ad_astra468Күн бұрын
Because they are smart, I don’t think I can opt out of my country’s pension system but I’ll sure try to pay as little as possible. The reason is simple, I know I won’t see a dime of that money. By the time I’m old the retirement age will be 70+.
@LiusilaКүн бұрын
In the UK I’ve done the same at age 28 because I won’t survive until the pension age and I don’t trust in the private pension companies anyway.
@Ahmed-gg4ozКүн бұрын
So what will you do with your money? Leaving it in a bank account will lose to inflation
@Liusila19 сағат бұрын
@Ahmed-gg4oz Storing as much as possible in various savings accounts. Not ideal, but better than losing it altogether or letting it degrade with inflation as you said.
@glostergloster694519 сағат бұрын
Why do you assume you wont survive till pension age?
@fugu_134 сағат бұрын
@@Liusilahope you've got it in ISAs, otherwise you'll also be paying tax on your savings interest over a certain threshold.
@meb52052 күн бұрын
We are all similar and we all have the same worries. Yet the rich will call these people the enemy and the reason why our pensions are in danger, all while plundering the economy. The world has never been as rich as it is today, remember that.
@user-tr1zjКүн бұрын
pensions are a ponzi scheme
@AricGardnerMontrealКүн бұрын
wait I can opt out of paying into the pension system?!? please tell me how!
@marcvb3364Күн бұрын
Depends on where you live
@dawuid1491Күн бұрын
You can just stop paying it. It's not against the law lol
@Liusila19 сағат бұрын
In the UK your employer automatically rolls you into a PRIVATE pension scheme. I consider this unlawful, but never mind. Technically you can contact the pension provider and demand to opt out. After some time and paperwork, you might be able to stop paying them or even get some of your money back.
@川普大帝20242 сағат бұрын
很简单,自己创业,或者当一个灵活就业者
@abdiganiaden2 күн бұрын
Social security is a vehicle in US that transfers over a trillion from young generation to old every year Issue is, young generation are lacking assets and are falling behind in life achievements that older generation was able to with blue collar work A 30 year old today is far more poor than 30 year old from older generation
@GrindelwaldFB2 күн бұрын
Are you from us
@cato4512 күн бұрын
Nope. That’s a lie. Workers pay into the system along with their company. It’s their money. No tax payer money is involved.
@fearlessX0072 күн бұрын
Human Metapneumovirus: After Coranvirus, mysterious virus HMPV reported in China
@Melinmingle2 күн бұрын
Not sure if thats right
@master81272 күн бұрын
Time for the youth to start protesting
@PhlegethonКүн бұрын
lol you can’t boycott social security in America
@santostv.2 күн бұрын
Unfortunately this is a worldwide problem in countries with some form of safety net and declining birth rates, the retirement age will continue to increase and at some point payouts will become smaller.
@SurrealSurrenderКүн бұрын
So basically what I am hearing is that these well meaning pension systems across the world, China, USA, etc, were never maintained properly to prepare for increasing population and ever changing societal needs. Got it. I’m preparing to become soylent green at age 70. Best retirement plan I can think of.
@WolfTheTrueKing21 сағат бұрын
It's not that they weren't maintained, but rather they were built on the presumption that the population would always keep growing and never decrease. Also life expectancy exploded in the last decades. Not trying to justify its collapse but rather point out that this was one of the worst case scenarios for this system. We will probably have 2-3 generations (if the world doesn't explode ofc) where pensions will be drained out in order to compromise paying something to the elderly and being economically viable
@Ying-h4c55 секунд бұрын
养老金问题的显现不是因为人口增长,反而是人口减少和老龄化
@rlobo85Күн бұрын
my grandfather worked filling trucks with 150 pound bags of rice under the sun 8h a day. imagine doing that at 66 years old.
@PabloA-q3nКүн бұрын
In Europe we have the same problem but we have NO option to avoid the system. It also becomes worse cause the older people are more people than the youngers and on top of that, we are a democracy, so the higher populated group will vote against the other. You will NEVER see a retired person analyzing the situation and realizing that there is a problem with pensions. They will just vote the one that promises to increase the pension income. In Spain for example, now we are paying an extra tax each month in our monthly salary just to fund that and this tax will be increasing within the time cause the system is broke and more people will retire soon, higher than ever. Apart from that, the pension fund system increases according to the gov. price yearly increase index whereas the salaries DON´T. So tell me, where can I avoid this pyramid scheme cause I know for sure that no one of our politicians will risk any vote by fixing a problem rather than destroy the younger workers. And I am really tired of trying to show how the reality is to the older people ....
@YT-gv3czКүн бұрын
One sentence explanation of the fundamental problem: There's simply no way a pension pool funded by contributions from current workers can work with a rapidly aging demographic structure, so a transition to personal account is due to happen no matter what. It's simple math.
@developmentalistКүн бұрын
Why is there a difference in retirement ages between men and women? Fix this and a majority of the problem will be fixed. Women on average live longer and allowing them to retire earlier only increases the burden on the system. What is the justification for this?
@Sjalabais2 күн бұрын
All economic systems seem to be malfunctioning because of the wealth extraction in capital markets. If all of these funds were to be distributed more equally, it might just go up.
@bullpup1337Күн бұрын
Communist logic right there.
@Cauldron6Күн бұрын
That’s a feature, not a bug.
@greapper1Күн бұрын
I wish as a 41year old I could boycott paying into Social Security here in America. I'dprefer to invest the money myself.
@jamsbongКүн бұрын
Its not easy, but can be done.
@dragonifyamazing2721Күн бұрын
Invest money yourself. Didn’t you have like 401k or something related to that or different that lets you invest in stocks to keep it as you work or retire early? You can invest in stocks which could be high volatility. Cryptocurrency is also high volatility, if you want to build on wealth?, invest in bitcoin etf or self-custody it by buying how much bitcoins you want to buy and dca monthly, etc
@richardouvrier307823 сағат бұрын
No, you’d invest in bad cryptos and have to be bailed out. You can’t be trusted.
@megamanx4668 сағат бұрын
Join the railroad and you get taken off of Social Security. 😉
@patrickchan2503Күн бұрын
You contribute to your pension fund or to the previous generation 's pension fund? 🎉 Ponzi
@commelinales2 күн бұрын
I think being unemployed and taking selfies does not = content creator.
@zesky6654Күн бұрын
If you get paid it's a job.
@shaaravguha3760Күн бұрын
@@zesky6654 yeah but their job isn't 'content creator'
@TookAHikeNowWhatКүн бұрын
I thought that's what content creators do?
@elinope474521 сағат бұрын
I think that changes when you make over poverty level income from internet payments for your selfies. Some people have such a popular image that they can succeed where others fail.
@charmingoracle129Күн бұрын
Americans: “You guys are getting pensions?!”
@shaaravguha3760Күн бұрын
americans get social security and 401ks which are infinitely better then most other countries pension systems
@peter-riceКүн бұрын
the pension varies from person to person. People working in the government always get the high pension(at least sevaral thousand), followed by white collar, peasants get100 Chinese yuan.
@RyanSummer-o2dКүн бұрын
Only if Americans can stop paying for social security if they opt out.
@harrysliyoko8809Күн бұрын
Similar situation in France , with the overall number of active working people decreasing compared to the amount of old retiring people . Most social democracies in Europe are ahead in this direction .
@tresphore3185Күн бұрын
I am absolutely sure that china is better prepared for this scenario than most experts are aware of. There is a lot happening in China right now to offset the loss of workers. But let's wait and see.
@dustintacohands1107Күн бұрын
Something tells me things could be worse and the CCP is hiding things like they usually do.
@greenleafyman1028Күн бұрын
Just take half of the pension funds and turn it into a universal basic income. This would make sure old people get their pension while young people get their headstart to support the economy better and longer.
@user-tr1zjКүн бұрын
there's not enough money to do that
@dustintacohands1107Күн бұрын
UBI is braindead
@PhlegethonКүн бұрын
Do you know how much money is paid out in Chinese pensions? It’s a lot. If you own a house in China you’re set for life once you get your pension. It’s not like the couple of bucks in social security
@EroticOnion23Күн бұрын
Chinese houses are 70 year leases from the govt...
@JinX-so5yvКүн бұрын
Why are you talking about things you dont know nothing about?You can not own a house in China.
@sirius5159Күн бұрын
@@JinX-so5yv Really? Who bought those houses?😂
@Pestbringer89Күн бұрын
@@sirius5159 bro pays taxes for his house and if he doesnt it will be taken away, he will rot in prison and he still thinks he owns his house lol
@user-tr1zjКүн бұрын
some US states have 2% property tax each year, which means you essentially have to pay a 50 year lease from the government through property taxes
@polemicificationКүн бұрын
In the U.S. social security is a tax that’s put on all earners private or otherwise. There is no choice to opt out.
@user-tr1zjКүн бұрын
a total ponzi scam
@peter-riceКүн бұрын
same here. We also regard it as a kind of tax. Because the working people's pension we pay right now will not a deposit in our own account. but used for a source of the pension for retired people. As the aging people are increasing, not sure if there's enough money when we retire.
@urbanstrencanКүн бұрын
Pension systems are really big problem around the world, the governments are just raising pension age to get more money in. Here in Slovenia we the younger generation will probably need to work till we are death 😢
@alexclifford248510 сағат бұрын
Better to have access to the money in case you need it, than put it into a scheme that you may never see again.
@megamanx4668 сағат бұрын
The U.S.'s Social Security system has been taken from *at least* 3 times and never paid back, so I can understand that one guy's low confidence in his government future economics!
@vlad935982 күн бұрын
0:50 funny they forgot to mention they retire at age 55-60 and we at 65-67😁
@ssuwandi32402 күн бұрын
Wrong 😅
@vlad935982 күн бұрын
@ I’ll be happy to hear more then wrong 😊 this info I found online
@Fey4182 күн бұрын
Wrong. He meant the video did mention at 8:14.
@silvermemer53222 күн бұрын
@@vlad93598 In china 55-58 is only for women, men retire at 63. Also, in Europe the average retirement age is 65, some countries have it higher(67) or lower(even as low as 60, or even less for women). Also, there are some jobs in some countries that allow you to retire even at 50 (police officers or judges). The average life expenctency across europe is usually 2 years higher that in China, so it kindof make sense to work more if your health permits it and also if you are going to live more.
@manana14442 күн бұрын
Don't worry, they'll increase it to even higher ages as the time comes. One does not just cheat the demographic reality of a society.
@LunarPriestessYT2 күн бұрын
China has one of the lowest retirement ages in the world
@asiimwesimon2682 күн бұрын
Thats why Bloomberg will only tell you that they have increased their retirement age, but they won't tell you the number
@ssuwandi32402 күн бұрын
Their government bonds soon will be mimicking Japan👍 Welcome made in China Stagflation
@sharefactor2 күн бұрын
@@asiimwesimon268 wrong, the ages are shown in the diagram at some point
@steve-uo3lwКүн бұрын
@@asiimwesimon268 But if you watched the actual video you will see Bloomberg does tell you lol. Why are people so keen to demonise this news network and even lie about its content like you are?
@shaaravguha3760Күн бұрын
@@asiimwesimon268 They literally say the number, say the west is higher and say that even after increase it's still lower. I swear you people always have to find a problem with something even if there's none.
@tappat3013Күн бұрын
The problem is that workers in China work harder and longer but earn less compared to workers in developed countries. After this new policy, the only welfare benefit that allowed people to retire earlier is now gone.
@wizaaeed2 күн бұрын
If you actually think about it, our fathers & grandfathers will be successfully using the pension system, before 100 years people didn't even live to 70 to use it fully & the retirement system wasn't even that well introduced, so we're the first investors of this system, it's like a brand new system & it might not even work in the next 30 years....
@ichadcКүн бұрын
Interisting, goverments seem to be pushing hard for the "work until you die" scheme by raising retirement ages.
@StoryBeam-YT2 күн бұрын
China’s youth rejecting pensions might just be the ultimate plot twist in the country's economic future! 🤔 Is it financial wisdom or a ticking time bomb for the aging population? Let's hear your thoughts! 💬🔥
@antonjunior9189Күн бұрын
Why is it the burden of the new generation? The money belongs to those who paid them already.
@OliveThe7 сағат бұрын
Because the money that comes from the non-retirees are being used to payout to current retirees. It is not the money that was paid by current retirees that are used. Hope this helps you understand
@CKL-v8lКүн бұрын
Covid was a great measurement to take care of pensioners for sure.
@chrisklughКүн бұрын
Wow! They retire so young! That is why the price of shoes is so high now. Increase the retirement age so the price of shoes can go down please!
@tealeftiКүн бұрын
They gonna mention that the largest population of rural farmers are only getting 100 Yuan (13USD) in pension per month?
@ichadcКүн бұрын
wonder if they have to pay rent with that... In South Africa farm workers make minimum wag - about 121USD a month. Unemployment "Benefits" (open to anyone above 18) is about 18USD a month. Pensions are mostly "get your own", lol, there is an "old age grant" of about 116USD but you'll have to be pretty poor to qualify for it. To put it into context, a typical studio/tiny single room apartment in a city in a not too-violent area would be about 160USD to 320USD a month - rent only - no utilities.
@pingguo_36491Күн бұрын
Yup, that's correct and the government employees enjoys 1300 USD in pension per month.
@ichadcКүн бұрын
@@pingguo_36491 that is an insane difference between the two! And lol, 1300USD that would probably put you in the top 10% of earners in my country. That being said, private health care would eventually even erode most of the top 10% earner's pension eventually. Only the top 5% might live comfortably in retirement. I haven't been in a public hospital for any other reason other than to say goodbye or collect a body.
@pingguo_36491Күн бұрын
@@ichadc In China, old people don't pay rent in general. Rural farmers have their own house on their land, no property tax or rent, they usually grow something to eat and work here and there to get some cash.
@ichadcКүн бұрын
@@pingguo_36491 super cool, did not know that! 13USD is still insane though, even from a 3rd world perspective
@kelvintigerКүн бұрын
Never understood the 1 child policy, it’s simple math that you need 2 kids to at minimum REPLACE your population and not have an inverted population triangle
@gregvanpaassenКүн бұрын
Singapore and Taiwan never had that policy, and they have lower childbearing rates than mainland China. The policy actually helped mainlanders have more kids. Weird, huh? But yeah, it was a dumb policy.
@doujinflipКүн бұрын
China at the time was worried about not having enough growth and jobs to make all those kids eventually net productive, especially with all the changes that were starting to automate away jobs and the rising calls for reform that led to 1989... having lots of unemployed youth is politically very hazardous. Thing is they kept their One Child Policy for way too long, passing through their prosperous 2000s and early 2010s without birthing the people to pass it on to.
@zixiaozong9789Күн бұрын
Chinese government always took action too late.
@mjmf1430Күн бұрын
@@zixiaozong9789not just China, also Japan, Korea and Singapore have aging populations and policies that are either too late or not so effective in solving it.
@zixiaozong9789Күн бұрын
@@mjmf1430 these countries cannot compete late actions as China 🤣 China is too soft
@PraisethesunsonКүн бұрын
I'm glad America prevented this type of protest years ago by just getting rid of the chance to have pension for the majority of the workforce.
@calmatic4254Күн бұрын
Lol
@rstrakovskyКүн бұрын
What do you think Social Security is?
@Sammich4839Күн бұрын
what is social security, 401k, IRA ?
@GoldTau-s5jКүн бұрын
America 401K going strong, China stock and real estate markets not so much
@96mryomamaКүн бұрын
401k with low cost index funds >>>> managed pension that regularly underperforms the market
@bluesy66623 сағат бұрын
At least they got the chance to choose to pay pension fees or not, contrary to some.
@alexsmith96172 күн бұрын
I’m curious if it’s the same there as it is in the USA. Here, the very rich and corporations are taxed at a much lower rate ( per capital gain) than the average US citizen. Corporations have gotten a classification as a separate legal entity and should be taxed as such. If this was done, possibly as a flat tax with no exceptions, most budgetary would vanish for the government and its citizens.
@shaaravguha3760Күн бұрын
Nope, americas pension system is running perfectly fine funding wise. It is facing a few problems like not enough people choosing to become caretakers and stuff but other then that it's fine. The west is lucky because thanks to immigration the younger generation is always large enough to support the older one. China is unique because of its one child policy making it almost impossible for the younger generation to do the same thing. (and their population is too big to substitute this with immigration like the west has, the US is already on the verge of the same issue but it barely manages by being the worlds largest economy.)
@IKNFLY6663 сағат бұрын
I live in China, my aunt who retired from the Education Department got monthly pension of 20000 yuan, while my other aunt who retired from a her own small business get 3000 yuan😊, this institutional inequity is the sole reason why young people now only opt for government jobs.
@gregorywilson2124Күн бұрын
This is BS. How can it be that your money is not there when you retire? The governments are spending it elsewhere. You should only get what you contribute.
@danli9884Күн бұрын
Well we are paying our SS for the older Americans who contributed for their grandparents who didn't contribute because it wasn't invented yet. Now I think about it it is a ponzi scheme
@stevencheng468Күн бұрын
These huge pensions tend to be a pay as you go system with the cash flows of younger generations paying the pensions of older generations. That's where the money is going and why it's running out.
@gonzalomarsilli5741Күн бұрын
Why people has to retire without money? We should save like in the us and period. Govts must retire pensions systems and just do welfare if required. There are lots of retirees taking cruises at the expense of young people
@henkjan673Күн бұрын
The problem is that most people will not save enough for a pension unless you make it mandatory. If you will do welfare for people without pension and make pension voluntary you better be prepared for a LOT of welfare for people that can no longer work but have not enough savings to live.
@n99w79Күн бұрын
Believe it or not, money pots in China, including pension, are empty now due to over investment on infrastructure and the expenses during zero tolerance policy for covid 😢
@Dogsrcute823Күн бұрын
How do you refuse if its taken right out of your check?
@domenico_ginny6164Күн бұрын
Imagine being told you can only have 1 kid. That’s no ones business but yours. Certainly not the governments business
@theinfinitymachine9610Күн бұрын
And in a generation, being told to have as many kids as possible. What do the young do? Have no kid at all! Lol
@Pestbringer89Күн бұрын
please read books. people in the 60s were afraid of the collapse of the food system because people were making too much kids. You can read like old articles in the 60s on how about in like 20 years the whole world would collapse because we cant feed people. what china did was a drastic measure but not at all surpising.
@arxcnsКүн бұрын
6:25 bro talks about having money for daily needs but drives a Mercedes 🧐
@peterliljebladhКүн бұрын
Seting money aside in a pension system is probably just as available as the money in their own bank account. Which is purely theoretical.
@bdegrdsКүн бұрын
If you truly believe the money in your bank account is theoretical than you need to get off social media
@paulbooth8516Күн бұрын
☘️pollution, medical malpractice, food safety, arresting ambiguity, outright theft. Who’s going to live long enough to retire?
@TripleGrowth-w5yКүн бұрын
this maybe a wake-up call for policymakers all over the world
@SigFigNewtonКүн бұрын
If home prices keep on 📉, we can expect birth rates to recover some or at least stabilize. When people don’t have to waste everything on mere housing, they have far more money for everything else.
@davidl242Күн бұрын
The pension payout is very skewed also, if you are in government or army, the pension is outstanding, but if you are in the rural areas then it’s barely livable (or not livable). But the cracking pension system isn’t unique for China, the West has the same problem with national debts, other than the US….you can hardly find a developed country that’s in a better situation. But my thought on the video is rly how China has a lost generation, who isn’t willing to work, would rather travel or buy bags as the video shows. They are the beneficiaries of the previous generation who will pass down assets and properties, but someone has to fill the piggy bank again eventually.
@DummyUseless-er3dn2 күн бұрын
4:20 One child policy is widely successful? Ofcourse, we are talking about dictatorship here. People cannot change the party
@windsong3wong8282 күн бұрын
Chinese generally do not want more than 1 child as it is expensive but Chinese savings rate is 40%. There will be no issue whatsoever with pensions. When you save 40% and all the monies from the parents drips to one beneficiary…..they are all RICH.
@DaylenAmellКүн бұрын
At about 6:56, he said "但是说实在的,你说经济下行的话,哪个国家不是这样?", which means "But honestly, when it comes to the economy going down, which country isn't like this?", but the subtitles conveniently left out the "which country isn't like this" part. At about 7:11, the person said "...70% of them only make less than 1100$ a month". 1100$ sounds like a very low salary by US standards, but things in China are much cheaper than in the US in general, so it makes little sense to describe the salary in USD rather than RMB. 1100 USD is about 8000 RMB, and the buying power of 8000 RMB in China is, by my very crude estimate, probably similar to that of 4000 USD in the US. It would seem that they deliberately chose to describe the salary in USD to make it sound a lot less than it actually is in terms of the buying power in China.
@broadestsmilerКүн бұрын
Does 7:01 not have the "which country isn't like this" part?
@DaylenAmellКүн бұрын
@@broadestsmiler No. That's another statement he made about the diversion of pensions, not the going down of the economy. The statement that was left out in the translation is the one before.
@broadestsmilerКүн бұрын
@@DaylenAmell Gotcha. Thank you for the explanation.
@zy5915Күн бұрын
It reads like US pension system is not under stress😂
@Strawberrycake951Күн бұрын
China's younger than average and MANDATORY (statutory) retirement age was implemented to force companies to employ/promote younger employees to open up more opportunities for young folks. In the face of a youth unemployment crisis where the new working age population can't even find a job, let a lone contribute to the pension system, increasing the retirement age may make things worse. On the other hand, I don't know how much this will change things, because applying for exemption from statutory retirement is extremely common and easy. This just delays the requirement that employers need to request an exemption for their retirement-aged employees...
@zacksmith564419 сағат бұрын
You described usa
@popocucu4829Күн бұрын
Hope everyone here aware Pension fund is like a money game system. First in last out. Its a legitimate way for government to take out some funds from you so they can using it for investments OR some countries for their own interest. So its critical to have an external audit team to review all the investment strategies
@1985tris1Күн бұрын
Yes I currently pay into the chinese government pension scheme. I did hear government workers do tend to get nice pensions. Not sure about us in the private industry.
@WorldNarratives-qd4hzКүн бұрын
The West is suffering from the same thing but to a way lessor degree. Must be daunting for the younger population in China. I can understand why incentives to have more than one child are not working when the younger generation is also responsible for their parents' welfare and potentially grandparents' welfare without the support of siblings that so many of us have in Canada, US, and Europe.
@frankwangofficialКүн бұрын
That's like saying, if I work in the US on a work visa, I should not pay social security tax.
@mjmf1430Күн бұрын
Looks like most people are quite clueless yet are also avoiding help to save and have a financial plan in order to retire.
@BlackJesus8463Күн бұрын
Imagine how crazy rich Americans would be if they could boycott social security. Or would they spend it all on alcohol?
@FengLengshunКүн бұрын
Why? How about LITERALLY EVERYTHING GOING ON CHINA right now? It's not like it's going to stop at them just saying, "lie flat" and "let it rot." Those words came from somewhere and is just one symptom of the larger issue that will affect _everything_ in China. The question shouldn't be "why don't they want to contribute to the pension," it should be, "why _should_ they want to contribute to the pension of people who caused them these hardships? While they're dealing with it?"
@johnnyboyvanКүн бұрын
Omg he looked like he was 40! Poor soul.
@shockcat5988Күн бұрын
All of the senior citizens once they reach a certain age could all be invited to a secret location called the island. We’re only elderly people can go and it’s paradise.
@Remcore020Күн бұрын
Not just in china, i refuse to pay anything more than compulsory. As we do not save for our own retirement but for current retirees. And we will deal with such a significant population decline that the pension system will have crashed long before i could even think about retirement (currently 68 years, probably 75 in the next 10 years) Any generation after the babyboomers might just as well burn the money, they won't see a cent of it.
@pauljosephsoh17322 күн бұрын
90% of Chinese own their own homes. It does not matter what is the price of their home today as they are living in it. A child today has parents who own their own home plus 2 grand parents who also own their own homes. The child will stand to inherit a lot of money.
@OverwatchUnit2 күн бұрын
But with the population decline, who will buy the homes?
@AS-wp3hb2 күн бұрын
They can only inherit that money when those homes are sold.. so all the parents and grandparents are going to live in the one home of the worker? And just who is going to buy the homes?
@martjnmao68082 күн бұрын
They might own a home back in the countryside where they return to like once a year. Most people still rent their home in the bigger cities.
@Farscape2222 күн бұрын
Urban area and countryside area. It depents where those homes are.
@ain92ru2 күн бұрын
@@OverwatchUnit I think PRC will have to accept economic immigration from poorer countries, and a lot of it
@sartaberКүн бұрын
7:29 "Oh and also, over 2/3 of the companies are cheating on how much they're supposed to pay in to the pension system." Will there be an 8-minute video on that? It sounds like "kids these days" aren't the big problem here.
@Dude-etiquetteКүн бұрын
I would be worried that I wouldn’t get my money. Look how hard it is at the moment to get money out of banks in china
@Mustafafilming23 сағат бұрын
Scale is huge.
@healtheworldforabetterplaceКүн бұрын
Is the pension system collapsing?
@kolviczd6885Күн бұрын
The most interesting thing about China and the West is that: The West keep predicting China in certain ways, and China keep proving them wrong time and again by doing things differently.. lol 😂😂. China just don't play by the western setup rules and practices, and I'm sure China will come up with a different solution to this pension issue too. 😉
@JinX-so5yvКүн бұрын
Yeah,like letting the pensioners starve.
@LordCumberdaleКүн бұрын
Small nitpick, but the diagram at 1:40 is pretty awful. The squares have had their side length set to the value they represent, which means the area (which visually the viewer thinks is the information they should be ingesting) is the square of the value. The area of the China square should be about 9.5 times the area of the Canada square, but instead it's 90 times.
@justgeneric2876Күн бұрын
I mean $1100 in tier 1 city and tier 12 are different
@henrythegreatamerican813613 сағат бұрын
A company pension. What could possibly go wrong........
@delmanpronto9374Күн бұрын
with the depreciating value of currency, what is the use of these pensions decades down the line? LOL young people aren't given jobs, asked to get degree after degree to qualify for an interview, but they are asked to contribute to the pension fund. F that.
@khalidalali18621 сағат бұрын
As a millennial born in the 90s. This reminds me of how everyone I know feels in the Netherlands, Germany, and Italy. Except for that one friend, who happens to be a scion of an industrial family who have been wealthy since the late 19th century. Dude never complains 🤣
@Guy-LewisКүн бұрын
China was *approaching* a population of 1 billion in 1979 when the one-child policy was introduced --- the replacement threshold is 2.1 children per woman. The population control program limited most families to one child from 1979 to 2015. Families *selected* for male children, resulting in a deficit of females. Birthrates did not rebound when the policy ended. Since not every woman would bear even one child, there is no way that China could have reached 1.4 billion.
@zacksmith564419 сағат бұрын
Prove it
@Guy-Lewis14 сағат бұрын
For those unable to check facts and incapable of doing math ---------------------- your problem, not mine.
@zacksmith564430 минут бұрын
@@Guy-Lewis what's asserted without evidence is rejected without evidence
@XtergoBlueКүн бұрын
The UK could learn something
@mjmf1430Күн бұрын
Bloomberg, why not do a report on USA dwindling and potential failing pension system for your domestic and international audience?
@Suchness_of_LifeКүн бұрын
If the productivity is high due to intensive automation, energy is much cheaper (somewhat environmental friendly too) and most of the commodities and food are cheap, it should be alright because those are the real wealth, not the number of Yuan.
@celestialtl38 минут бұрын
The old Chinese standing on the backs of the youth
@godzillamothra5983Күн бұрын
Chinese youths are smarter than American youths. I remember my American professor telling his students in the US, that he was lucky that he was old, he still could enjoy his social security.
@OliveThe7 сағат бұрын
I mean, if only we got the option to opt out of pension/social security
@circleofattention6021Күн бұрын
These guys are smart. In my country, there was no opt-out option, but I would´ve done it in a flash. Why pay a pension if I know I won´t have one myself?
@user-tr1zjКүн бұрын
no one would voluntarily participate in a risky ponzi scheme if they weren't forced to
@cronopoly34412 сағат бұрын
In the US it is given that most black men will NEVER see retirement age after contributing their entire working life for others benefit...
@OliveThe7 сағат бұрын
Why just black men?
@MattManuelКүн бұрын
Learned several things with this video. Well done.
@HandleName_CBКүн бұрын
I dont think China has even been as poor as they portraited to be. The lowest rank they got in terms of annual GDP in the record is 22nd in the world in 1950s and not to mentioned that they were the largest economy in 1800s all the way to the beginning of 1900s. Since she says "one of the worest" I guess she's not lying....one of a hundred is still "one of". Some may argue that their GDP per capital is low, and they have unbalanced development across different areas but that's completely different questions. Regardless individual Chinese is poor or not, China as a country has never been that poor...
@effinyess9536Күн бұрын
Too many old people? Covid to the rescue.
@PhlegethonКүн бұрын
You know in China the retirement age was 55 for women and 60 for men right. So you’re still a young person when you retire and get paid out for life which was fine in the old days when people were important fighting for freedom working in factories, but look at the value that “influencer” has, zero
@mikestewart4752Күн бұрын
Lay flat Chyner, lay flat.
@petersmybroКүн бұрын
8:15 USA #1! .... In retirement age. But seriously, china's retirement age of 50 and 55 years old for women is way out of line with other countries.