Reseach On China's Lengthening The Retirement Age Based On Human Capital Perspective

Retirement age is an important component of the endowment pension system and population management policy, the change of which has important economic and social effects. The current retirement age dates from labor insurance Ordinance issued by the Chinese Government in 1951, which requires male employees retire at 60 years old, whil women workers 50 years old. later, the retirement age of women cadres was increased to 55 years old. The statutory retirement age always works until today. However, as economics and society develop, the average longevity of Chinese people has increased to 73-year-old from about 50-year-old when the country is founded, obviously the current retirement age is comparatively low. In addition, the existing retirement age is not adapted to some social factors such as the aging of population structure, the extension of education time, the growing concern of human rights, the intergenerational pension burden, as well as the imbalance of pension fund payment. Therefore, according to China's economic and social development, to predict and adjust the retirement age scientificly through legislative means is imperative.In today's knowledge economy society, human capital is not only becoming an important internal strength for economic growth, but also relates to everyone's production and lives. This paper, combined with predecessors' research, based on human capital perspective, builds an analytic framework, researches furtherly policy effects and measures of extending the retirement age. This article summarizes related literature and information, using normative analysis methods, infers a series of conclusions from basic facts, assumptions, axiom, and theorems by certain logical deduction. Reseach is carried out under the instruction of the Scientific Outlook on Development, guided by the principle that putting people first and developping comprehensively, balancedly and sustainablely, based on theories as the investment and income in human capital, the quatity and quality of human capital, the structure and characteristic of human capital, and combined with population ,ecnomics and social transition. Through the study of binary labor market and two forms of employment, the effect object of prolonging the retirement is determined.By human capital theory , the population, economics and society background is considered to extend the retirement age.Then the effection to human capital from extending retirement age is analized on theory exploratorily. Ihis paper also discusses the policy effection on the quatity and quality of human capital, human capital charactors, human capital investment and income, as well as the transformation of economy development,etc, forwardly ,which China may face after lengthening the retirement age. And proposes some related measures and suggestions targetedly and prophylacticly such as postponing the retirement age gradually, protecting legal informal employment, carrying out the flexible retirement system, making the operation of old human capital scientific , cultivating new ecnomic increase point,improving the human quality, optimizing labor market, promoting the sustainable development of population, enhancing system construction, as well as consummating necessary facilities .