Study On Sustainable Development Of China's Basic Old-age Insurance For Enterprise Employees

The goal of China's basic old-age insurance for enterprise employees is"Partial Accumulation", which contains"Social Pooling"and"Personal Account". But during the transition of"pay-as-you-go"to"Partial Accountment",some problems have appeared, which will make China's basic old-age insurance for enterprise employees in serious financial crisis and in an embarrassing situation of unsustainable development for lacking of funds.Thence,the main task of this article is as belows:improving and reconstructing the current system in order to urge China's basic old-age insurance for enterprise employees to change, and ultimately realize its sustainable development.On the basis of reviewing the history of China's basic old-age insurance for enterprise employees, the author analyzes the problems of current system, for example: narrow coverage of the system,"empty accounts"for"Personal Accounts", lacking of management mechanism and supervision systems,and so on.Meanwhile,the author chooses the basic old-age insurance of two developed countries as a comparision,which contains the USA and the United Kingdom. After analyzing the reform initiatives of the above two countries'basic old-age insurance, the author hopes that their experiences can provide some useful reference for our reform of China's basic old-age insurance for enterprise employees.The whole paper is divided into five parts: In the first part, the author presents the objective and research significance of this article, and meanwhile defines the three important corn concepts: basic old-age insurance, sustainable development, institutional innovation;In the second part, the author systematically reviews the historical evolution of China's basic old-age insurance for enterprise employees, and holds that China's basic old-age insurance for enterprise employees has two periods:First,the period of exploration and establishment.Second,the period of establishment and transform. During the analysis, the author believes that institutional innovation plays a decisive role in the process of the transform of China's basic old-age insurance for enterprise employees;The third part analyzes the current situation of China's basic old-age insurance for enterprise employees in detail. The author concludes that the main problems of current system are the following ones: narrow coverage of the system,"empty accounts"for"Personal Accounts", lacking of management mechanism and supervision systems, inefficient fund operations;In the fourth part, the basic old-age insurance institution of the two developed countries including the USA and the United Kingdom are listed respectively. On this basis, the author discusses their reform strategies, their experiences and the lessons to achieve sustainable development;Finally, on the basis of the previous sections, by absorbing the experiences and the lessons of the developed countries'pension reforms, the last part proposes the path to achieve the sustainable development of China's basic old-age insurance for enterprise employees.Enlarge the coverage of the basic old-age insurance;Build an appropriate rate system;Improve management mechanism and supervision systems;Establish an reasonable fund-income system.