SINGAPORE: Every month, corporate employee Ms Xianggui from China's Jiangsu province generously sets aside a fifth of her 10,000 yuan salary (US$1,371) towards her ageing parents’ retirement fund. 

Like other single adults living in China without siblings, the 29-year-old, who asked to have her full name kept private, bears the weight of being the sole financial provider for her parents, both in their 50s.

“Many families in my village only had one child in response to national policies,” she told CNA, adding that she hopes the national scheme could soon be improved to increase payouts and reduce financial burdens faced by adult only-children. 

China’s pension system has been facing immense pressure in coping with a rapidly ageing population and declining birth rates, which has resulted in a declining pool of working-age people funding the system and more retirees looking to receive payments. 

While the government’s move to raise the retirement age from January 2025 is a step in the right direction, experts say that it is still not enough and more clearly needs to be done to support the national pension scheme.

There is little money leftover for Ms Xianggui after deducting living expenses, retirement savings and allowances for her parents so she has had to postpone personal plans like buying her own house and getting married.

"My parents’ monthly pensions are far too low, which deeply concerns me," she said, adding: "As an only child, the entire burden falls on me."