Research On The Financing Of Old-age Security In Russia Under The Background Of Aging

For Russia,the aging of the population has become a social problem that cannot be ignored.The sharp rise in the number of elderly people has been constantly increasing the pressure of pension payments.It is undeniable that China is facing the same severe challenge.As the current situation is concerned,both Russia and China have entered an aging society,and the speed of aging has been increasing.According to the standards set by the United Nations,once the proportion of the population over 65 years of age has exceeded 7%,it can be said that this society has the characteristics of aging.From this standards,Russia has joined the ranks of an aging society as early as 1970,and the proportion of the population over 65 years old reached 7.7%;China has entered the aging society since 2000,and the proportion reached 7% that year.In 2018,the proportion of the population over 65 years of age in Russia accounted for 14.6%;at the same year,the proportion of the population over 65 years of age in China was 11.9%.Although China has been aging for thirty years later than Russia,China's population is aging much faster than Russia.Although Chinese family planning policy has effectively curbed the explosive growth of the population,it has also greatly reduced the population's fertility rate,leading to an accelerated development of the aging process of the entire society.The decrease in the number of pension insurance contributors and the increase in pension demand have caused Russia and China's pension insurance funds to face severe deficits.From 2013 to 2018,the deficit of the Russian pension fund had increased 38.4%,and its share of Russian GDP had rose from 2.45% to 2.99%;in the same period,the deficit of China's pension fund had increased 10 times,and its share of China's GDP rose from 0.09% to 0.72%.It can be seen that the deficit of the Chinese pension fund has grown much faster than that of Russia,and the situation is even more severe.China's pension system has been deeply influencing by the Soviet Union's retirement system since its establishment,and it is very similar to Russia in terms of theoretical basis,system construction,and operating mechanism.Throughout the past 30 years of reform of the old-age security system in China and Russia,both of them have undergone a transition from a planned economy to a market economy,and has shifted from a state under the planned economy to three-pillar pension system.Similar to Russia,China's pension system also has a large number of practical problems that need to be solved urgently: the individual account has run on empty accounts,the insurance income has been less than the expenditure.Obviously,systematic research on the issue of raising pension fund of Russia has enlightenment for the improvement of Chinese pension security fund raising system.Focusing on the above aspects,the main research contents of this article are as follows.Part one explores the development path of Russian pension security fund raising,and analyzes the funding structure of Russia's endowment insurance and the choice of financing mode.Then,this part explores the payment system and payment status of Russian endowment insurance.On the basis of combing the relevant provisions in Constitution of Russian Federation and the special law on pension security,this part studies the payment structure of the endowment insurance as well as it's income status in Russia,and through these to explore the deep-seated causes of their problems.Part two investigates the mode and benefits of fiscal subsidies for pension fund in Russia.From the two aspects of endowment insurance transfer payments and the establishment of the national welfare fund,the supporting role of Russian fiscal subsidies in old age system is analyzed.Part three analyzes the reform trend of Russian pension security fund raising.Focusing on the measures and practices of Russia's delayed retirement policy,the part constructs a vector autoregressive model,which examines the long-term impact and dynamic impact of Russia's old-age dependency ratio,actual contribution rate and pension replacement rate on the pension fund surplus.In addition,this chapter discusses the reform trend of the Russian pension insurance payment model.Part four compares the problems faced by China and Russia,to sum up Russia's useful experience and practices in terms of legal construction,protection of employee's rights,establishment of sovereign funds,and management of pension security funds.So that the enlightenment and suggestions for China can be put forward.Based on the above research,this article draws the following conclusions:(1)Compulsory insurance contribution income is the main source in Russian pension fund.However,as the reason of short payment period,huge shadow income,and the small scale of public pension saving,Russia's pension insurance has problems with high rate,small funds,and low levels of pension.(2)The federal fiscal subsidies have played an important supporting role in raising Russian pension security funds.The establishment of the State Welfare Fund has provided a more effective source of funding for Russia's pension security.(3)In the case of high Russian pension insurance rate,high fiscal subsidy and low pension replacement rate,delaying the retirement age is a more feasible way to deal with the problem of raising Russian pension security funds.But the implementation of the policy should fully consider the rights and interests of employees.Only by trying to resolve the contradiction between expanding the payment base and increasing the burden on employees,will it be conducive to the smooth implementation of the policy.(4)China's pension fund has the problems of legally absent,pension fund has been in short supply,and pension fund management has been inefficient.Russia's useful experience in delayed retirement policies,the establishment of national welfare funds,and the overall management of pension fund deserve our consideration.In addition,the legal framework of the Russian pension security fund-raising system is also worthy of recognition and learning.The innovation of this article are as follows.(1)From the perspective of research,the focus of most scholars in the field of endowment security was the old-age security system in developed western countries.But the development of endowment security in developed countries has a long history and mature systems.There is a big gap in China's just-started oldage security system.In Russia,which has transformed from a panned economy to a market economy,the reform of old-age security system after independence has had a highly similar reform background and road choice as China.The difficulties and obstacles in the reform process have been also very similar.Selecting Russia's old-age security system reform as the research object,the perspective of this research may be more meaningful for comparison and reference.(2)From the content of research,domestic research in the field of Russia's old-age security mainly focused on reform motivation,reform history,reform efficiency,and rarely involves the issue of fund raising of old-age security.This article takes the supply of funds as a starting point and conducts a systematic analysis of the fund-raising system for pensions in Russia.On this basis,the article focuses on problems of legal fragmentation,pension fund income shortage,and fuzzy position of the social security fund of China.By considering the commonality and individuality of China and Russia's pension security financing issues,the paper intends to consider effective ways to improve the scale and efficiency of pension fund raising in our country.(3)From the methods of research,in order to explore the impact of Russian pension support ratio,pension insurance contribution rate,and pension level on the pension fund surplus in the past 30 years,the article combines theoretical reasoning and empirical testing to construct a vector autoregressive(VAR)model.The dynamic and long-term impact of the balance would be used as a basis to explain the necessity of Russia's delayed retirement policy.Due to reasons that the wide range of issues involved,professional restriction and difficulty in obtaining data.The analysis of socio-economic background and specific suggestions for China is not comprehensive and in-depth.This will be the direction that this article needs to be further improved and perfected in the future.