Effect Evaluation Of Enterprise Annuity Income-tax-deferred Preferential Policy

Although the enterprise annuity,which is the second pillar of China's old-age security system,has the advantages of increasing employee income,improving the level of old-age security for the residents,and improving the construction of the old-age security system,China's enterprise annuity development is very slow,its speed and total amount are far lower than expected,the participation rate level and the guarantee level are very low,and the regional development is not balanced.In order to further meet the policy orientation of the state to encourage the development of supplementary pension insurance system,China's enterprise annuity tax policy has changed from TEE model to internationally popular EET model,which has become a new impetus to promote the popularization of enterprise annuity system.In order to explore the effect evaluation of the enterprise annuity income-tax-deferred preferential policy and help the Chinese government to establish a long-term stable enterprise annuity reform policy,this paper studies from the micro-pension level and the macro-national financial burden.The logical ideas of the thesis are as follows: theoretical analysis,model derivation,simulation calculation,parameter sensitivity analysis,policy recommenddations.The article progresses in accordance with this logical thinking.Theoretical analysis section.The article defines the concept,characteristics,operation mechanism,fund balance model and the connotation of pension security level of enterprise annuity,and elaborates the evolution history of China's enterprise annuity tax preferential policy,which is introduced into the core of this study.It is the enterprise annuity income-tax-deferred preferential policy.Secondly,this paper expounds the deferral principle,preferential comparison and necessity of the enterprise annuity income-tax-deferred policy.Then,from the perspective of micro-pension level and macro-national financial burden,the paper analyzes the influence mechanism of enterprise annuity income-tax-deferred policy,so as to set basic assumptions and related parameters,and lay the foundation of establishing an actuarial model of pension level and an actuarial model of national financial burden.Model derivation,simulation calculation and parameter sensitivity analysis of employee support level.By building the Gross Replacement Rate(GRR),Net Replacement Rate(NRR),Gross Relative Level(GRL)and Net Relative Level(NRL)index actuarial model and using MATLAB software simulation calculation,this paper compares the level of employee protection before and after the implementation of China's enterprise annuity income-tax-deferred policy.The calculation results show that the level of employee pension security after the implementation of the enterprise annuity income-tax-deferred policy is largely lower than the level of protection before the implementation of the enterprise annuity income-tax-deferred policy,but the degree of reduction in the level of employee protection in different genders,different income levels and different payment ratios varies.Through the parameter sensitivity analysis,the influence of factors such as the weighted investment rate of enterprise annuity fund,the growth rate of employee wages,the retirement age of employees,the proportion of individual and enterprise contributions and the amount of individual tax exemption on the level of employee protection before and after the implementation of preferential policies were investigated.The study finds that regardless of whether or not to implement the enterprise annuity income-tax-deferred preferential policy,the greater the weighted investment rate,the lower the wage growth rate of employees,the older the retirement age,the higher the contribution rate,the higher the enterprise annuity guarantee level of employees;after the implementation of the enterprise annuity income-tax-deferred preferential policy,the greater the tax exemption,the higher the employee's enterprise annuity protection level,contrary to the results before the implementation of the enterprise annuity income-tax-deferred preferential policy.Model derivation,simulation calculation and parameter sensitivity analysis of the national financial burden(NFB).By constructing the national financial burden indicator actuarial model and using MATLAB software to simulate and calculate,this paper analyzes the proportion of net tax reduction caused by China's enterprise annuity after the implementation of income-tax-deferred preferential policy to the gross domestic product(GDP).The calculation results show that the implementation of the enterprise annuity income-tax-deferred preferential policy will indeed reduce the state fiscal revenue and lead to the national financial burden,but the difference in the national financial burden caused by different years,different participation rates,different economic development speeds and different fertility levels will be bigger.The longer the forecast year,the higher the level of participation,the lower the rate of economic development,and the higher the fertility level,the higher the government's national financial burden.Through parameter sensitivity analysis,we examine the influences of the macroeconomic factors such as the average social wage growth rate,national economic growth rate,enterprise annuity participation rate,fertility level,individual and corporate contribution ratio,enterprise annuity fund weighted investment return rate and individual tax policy on the state's financial burden after the implementation of the policy.The study finds that the faster the average social wage growth,the slower the national economic growth,the higher the level of enterprise annuity participation rate,the higher the fertility level,the greater the proportion of corporate annuity individuals and enterprises,the lower the weighted investment yield of enterprise annuity funds and the more favorable the tax policy,the greater the national financial burden after the implementation of the enterprise annuity income-tax-deferred preferential policy.Policy recommendations section.Based on the simulation results of the pension level and the national financial burden after the implementation of the preferential policies and the development of the annuity of domestic and foreign enterprises,this paper recommendes to improve the treatment growth mechanism,delay the retirement age of employees,increase the investment level of enterprise annuity funds,increase the participation level of enterprise annuities,increase the proportion of individual annuities and corporate contributions,promote sustained and healthy economic development,sustainable fertility levels and improve relevant laws and regulations in order to ameliorate China's enterprise annuity income-tax-deferred preferential policy,improve the level of employee protection and reduce the national financial burden due to the implementation of enterprise annuity income-tax-deferred policy.Compared with previous studies,the innovation of this paper is mainly reflected in the following aspects:(1)Restricted by the enterprise annuity income-tax-deferred preferential policy was implemented in 2014,so domestic scholars have less research on the changes in the level of ordinary workers' security and the government's national financial burden before and after the implementation of the policy.In particular,there are fewer studies on the simulation calculation from the perspective of the combination of macro and micro,which enriches the relevant literature on China's pension security.(2)In order to analyze and compare the impact of the enterprise annuity deferred tax preferential policy on the pension level and the national financial burden,the article adopts the relative index method,so that not only the total indicator value such as the enterprise annuity payment,income level and net government tax reduction can be simulated,but also the relative index values such as replacement rate,relative level and national financial burden can be simulated,which is helpful for analyzing the relationship between policy changes and its consequences.(3)The sensitivity analysis results of the pension level and the national financial burden provide a well-founded basis for the proposal to improve the enterprise annuity income-tax-deferred policy.