| Under a dual pressure from population aging and economic slowdown,the payment pressure of the basic pension insurance system for enterprise employees is increasing quickly,and the transformations of the main social contradiction in China has put forward new requirements for the development of the basic endowment insurance system.After the establishment of the enterprise employees’ basic endowment insurance system,which combines social planning and individual accounts,the basic pension benefit determination mechanism has been endowed with the functions of adjusting income redistribution and encouraging and restricting participate the endowment insurance,which has played a significant role in guaranteeing the basic livelihood of retirees and improving the participation rate.However,in the context of life expectancy continuously rising and downward pressure on the economy increasing,the basic pension benefit determination mechanism can’t meet the needs of social and economic development.On the one hand,the mandatory age for retirement unchanged,with longer life expectancy,which has made the time span longer of draw pension.Due to the adjustment of basic pension is lower than the wage growth rate,the value of the basic pension relative to the average social wages has already actually started to decline from the moment the moment he retired.When he reaches an advanced age,the relative value of the basic pension would be low,even can’t meet the basic needs of life in extreme cases,which will increase the risk of the elderly falling into poverty.Especially for those with short premium payment years and low initial pension,the support capacity of basic pension is still inadequate even if the pension adjustment mechanism is appropriately tilted towards the elderly.On the other hand,downward pressure on the economy has continued to mount.Some enterprises have been experiencing greater difficulties in their operations,the unstable employment of labor force leads to the decline of payment ability,which has led to more and more serious cut-off payment.Meanwhile,with the rise and expansion of new formats and new employment models,the number of irregular workers has increased.Because of their unstable labor income and dissatisfaction with the internal rate of return of endowment insurance,they are unwilling to participate in the basic pension insurance for enterprise employees.Since the 19th National Congress of the Communist Party of China(CPC)proposed the establishment of a multi-tiered and sustainable social security system that covers the whole people in both urban and rural areas,has clearly defined rights and responsibilities,and provides appropriate and sustainable social security services,the fourth Plenary Session of the 19 th Central Committee of the Communist Party of China(CPC)proposed that "we should adhere to the principle of full coverage,improve the urban and rural coordinated and sustainable basic oldage insurance system,and steadily improve the level of security." In February 2021,at the 28 th group study session of the Political Bureau of the CPC Central Committe,General Secretary Xi Jinping emphasized that intensify the social security redistribution,strengthen mutual assistance,and have more people benefit from the social security system,and provide more reliable and sufficient security for the broad masses of the people.The outline of the 14 th Five-Year Plan of the People’s Republic of China further proposes that actively promote key groups,such as those who work in new forms of business and those with flexible employment in urban areas,should be participate in the basic pension insurance for enterprise employees.In the new era,the basic pension insurance system of enterprise employees is required to improve the pension security ability and the sustainability of the system,which depends on the improvement of the Security and incentive of the basic pension benefit determination mechanism.So,what is the path of the current basic pension benefit determination mechanism to play the role of Security and incentive?How well does it work? what’s the problem? How it should be optimized? These questions require further exploration.In this paper,on the basis of clarifying the elements and operation mechanism of the basic pension treatment determination mechanism,with the social and economic development constraints,to improve the Security and incentive of the basic pension treatment determination mechanism of enterprise employees as the breakthrough point,the purpose is to provide a stable moderate basic pension benefits and realize financial sustainable endowment insurance system.Using comparative system analysis,mathematical derivation,numerical simulation analysis to explore the various problems existing in the basic pension benefit determination mechanism,and based on the experience summary of determining mechanism of basic pension benefit in typical countries,put forward the specific path to optimize the determining mechanism of basic pension benefit for enterprise employees.The specific research contents of this paper are as follows:The first chapter is the introduction.This paper expounds the background and significance of this research.Summarizing the relevant researches on the determination mechanism of basic pension benefits at domestic and foreign,clarifying the elements of the determination mechanism of basic pension benefits.And then expounds the basic research ideas,logical framework,main research methods,possible research innovations,research deficiencies and future research prospects.The second chapter is devoted to the theoretical analysis of determining mechanism of basic pension treatment for urban enterprise workers.The basic theories that the logic construction of this paper relies on life cycle theory,generation overlapping model,social welfare function and mechanism design theory.This paper clarifies the basic connotation and elements of the pension benefit determination mechanism,and further analyzes the operation mechanism of pension treatment determination mechanism.The basic pension benefit determination mechanism is composed of four elements: pension benefit level,pension benefits receiving criteria,pension benefits computing formula and pension benefit adjustment mechanism.They are interrelated and interact with each other to achieve the established goals of the basic old-age insurance system.Functional requirements of each element in the design of basic endowment insurance system determine that the mechanism should keep dynamic adaptation to economic development,the change of population age structure,labor market employment structure and employment mode,and from the strategic height of building a multi-level old-age insurance system.The third chapter focuses on the historical evolution and realistic dilemma of the basic pension benefits determination mechanism for enterprise employees.Firstly,it expatiates on the historical evolution of the basic pension insurance system for enterprise employees,and focuses on the analysis of the characteristics of the basic pension benefit determination mechanism in different historical stages.Secondly,it tests the Security and incentive effects of the constituent elements of the basic pension benefit determination mechanism for enterprise employees.Finally,based on the Security and incentive,it further analyzes the difficulties and root causes of the current basic pension benefit determination mechanism.Through in-depth excavation,it is found that the pension benefits receiving criteria has two problems.The setting of the minimum contribution years for basic pension is too low,which weakens the payment incentive effect and may leads to increased incidence of poverty in the elderly.Female workers tend to fall into poverty at advanced age due to their lower statutory retirement age,shorter years of contribution and relatively low wage income.The pension payment proportion of social pooling account is the same,which will reduce the value of one more year’s contribution in the final pension benefit,leading to the weakening of the incentive of long-term payment.Personal account accounting interest rate deviates from the preset level,personal account pension is difficult to achieve the target level of security.The monthly payment table of personal account has not been linked with life expectancy,resulting in the innate imbalance of income and expenditure of personal account fund,increasing the payment pressure of social pooling account fund.Although the adjustment method of basic pension takes into account both fairness and efficiency,there is still a hidden danger of insufficient protection for those who have short contributive life and low initial pension level.The fourth chapter focuses on the reform,development and experience of typical national basic pension benefit determination mechanism.The United States,Sweden,Germany and Japan are all countries with rapid aging process.They belong to different welfare models,but the economic development and the evolution of population structure are basically synchronized.The basic old-age insurance system has made some experience and lessons in actively dealing with population aging,economic slowdown and other issues.The basic pension benefit determination mechanism in the United States is the incentive mechanism of "early reduction and late increase" formed by introducing three retirement ages.Sweden’s basic pension benefit payment model has changed from defined benefit pension plans to defined contribution pension plans,which ensures the basic life of all the elderly by building a complementary relationship between contributory pension and non-contributory pension.Germany and Japan introduced parameters reflecting population factors into the pension adjustment mechanism,and linked the adjustment of benefits to the financial status of the pension insurance system,while the former is obviously better than the latter in controlling pension expenditure.Through the comparison of the different ways and characteristics of the basic pension benefits determination mechanism in these four countries,the enlightenment of optimizing the basic pension benefit determination mechanism of enterprise employees in China is summarized: one is to choose the pension benefit determination mechanism suitable for national conditions;second,the level of pension is closely related to the history of payment to enhance the incentive of payment;third,pay attention to fairness,and give preference to low-income people;fourth,determine the appropriate level of pension replacement rate;Fifth,establish a normal pension benefit adjustment mechanism for basic pensions as soon as possible.The fifth chapter focuses on the optimization of determining mechanism of basic pension benefits for enterprise employees.Based on the diagnosis of practical difficulties and the analysis of international comparative system,after clarifying the objectives and principles of the optimization of the determination mechanism of basic pension benefit,this paper first calculates the appropriate level of basic pension security.The appropriate level of basic pension security is between maintaining basic living and not exceeding the affordability of social and economic development,based on the extend linear expenditure system model to measure the basic pension moderately lower security level is 40.8%,based on general equilibrium analysis of the current basic pension optimal replacement rate of 50.2%as the ceiling.Secondly,based on the security level of meeting the basic living needs and the number of years of contribution required to achieve intergenerational balance,the minimum number of contribution years can be set as 25 years.In order to improve the incentive,the insured who has reached the minimum number of years of payment can obtain the minimum pension security,23 percent of the average wage.Third,we will improve the pension benefits computing formula.The proportion of pension payment in social pooling account pension was optimized,and the same proportion is replaced by a gradient increase with the contribution years.Three schemes were designed,and the incentive effects of each scheme were compared.What’s more,the paper also analyzes how to form a stable mechanism for determining the interest rate of individual pension accounts,and realize the dynamic adjustment of the number of payment months and life expectancy.Fourth,establish a normal pension benefit adjustment mechanism.The annual increase of basic pension is determined by three parameters: price index,wage growth rate and the growth rate of pensioners,and the pension adjustment termination mechanism is introduced into the pension adjustment mechanism to ensure that the basic pension of retirees can always meet the basic living needs.Fifth,put forward corresponding supporting measures,including the unified and finalized basic old-age insurance system,labor employment system and labor supervision,national economic statistics and the preparation of dynamic life tables,as well as the establishment of a national unified information system.The sixth chapter is about the impact of the optimization of the basic pension benefit determination mechanism of enterprise employees on retirees.This chapter mainly investigates the Security of the optimized basic pension benefit determination mechanism,selecting the retired people and new retirees in different periods to test the influence of the optimized basic pension benefit determination mechanism on their basic pension rights and interests.The results are as follows:firstly,When the wage growth rate stays above 6% and the price index growth rate stays at 2.2%,the increase of the basic pension will be basically maintained at 3.5-4% from 2020 to 2040;secondly,for female retirees,due to the short period of contribution and the low contribution base,the basic pension can’t meet the basic living needs when they are at the advanced age.Therefore,it is urgent to provide them with the minimum pension guarantee;thirdly,the linkage between the number of planned months and life expectancy will make the insured people get different degrees of excess return,and the later they retire,the greater the excess return.Although the excess rate of return is lower than the fixed number of months of payment in 2005,the welfare of the insured is still increased;fourthly,after introducing the optimization scheme of basic pension payment proportion and dynamic adjustment of payment months,the basic pensions for a new retirees compared with the existing scheme is lower,but participants with high pay cost base have a relative high basic pension benefit level.Under the action of minimum pension guarantee mechanism,participants with low pay cost base can always meet the basic living needs.Chapter 7 is the research conclusion and prospect.The innovation of this paper is mainly reflected in the following aspects:Firstly,clarify the operation mechanism of the determination mechanism of basic pension benefits.The basic pension benefit determination mechanism is composed of four elements: pension benefit level,pension benefits receiving criteria,pension benefits computing formula and pension benefit adjustment.The level of pension benefit reflects the degree of security and is related to the coordination of pension benefit determination mechanism and financing mechanism.Receiving criteria as well as qualifications,but also can incentive long-term payment an late retirement.The formula can not only calculate the pension of the insured,but also play a role in adjusting income redistribution and the incentive function of "pay more,pay more".The pension benefit adjustment has not only protected the basic living standards of retired people,but also sent a clear signal to those in work,safeguarded the credibility of the basic pension insurance,and helped raise the participation and contribution rates of system.Through the coordinated operation of these four elements,the basic pension benefit determination mechanism can operate for a long time,and play the responsibility of adjusting income distribution and strengthening payment incentive given by the basic pension insurance system.Secondly,clarify the theoretical logic of optimizing the determination mechanism of basic pension benefit.Faced with slowing economic growth,an aging population and an increasingly flexible work force,the government’s demand for the guarantee and incentive functions of the basic pension treatment determination mechanism has changed,it will optimize the mechanism for determining basic pension benefits based on the comprehensive establishment of a multi-level pension insurance system in order to reduce the pressure on basic pension expenditure.Under the new level of benefits,pension benefits receiving criteria,pension benefits computing formula and pension benefit adjustment should be reformed so as to bring the mechanism for determining benefits and the mechanism for financing back into harmony.Thirdly,based on the realistic constraints of current economy,demographic and institutional environment,,this paper optimizes the determination mechanism of basic pension benefits from the perspective of integrity and coordination.To solve the basic pension moderate security level,and clearly put forward to raise the minimum contribution period,and in the minimum contribution period supplemented with incentive factors.Strengthening the incentive of the formula of basic pension benefits and matching it with the pension adjustment mechanism focusing on the security will help to realize the mutual promotion of incentive and security. |
