| As an important part of social security institution arrangement, the retirement age has always raised public concerns. With the acceleration of population aging and the expansion of implicit pension debt, the existing statutory retirement age system has not well adapted to the socio-economic development. The desire to early retirement of the laid-off workers and the rush to rehire the highly skilled retirees provide a realistic basis for further reform of the retirement age system.The paper develops a model to analyze the optimal retirement age based on individual utility maximization, discusses the necessity and feasibility to implement flexible retirement age system as well as proposes the way to design the system. Besides Chapter 1 and Chapter 6, the main contents of other chapters are as follows.Chapter 2 illustrates the contradiction between rigid statutory retirement age system and two different retirement inclinations of enterprise employees, and analyzes the necessity to implement flexible retirement age system by human capital theory, institutional economics and information economics.Chapter 3 develops a model to analyze the optimal retirement age based on individual utility maximization, which is positively related to the initial working age, the life span and the discount rate. Substitute the latest statistic data of China into this model, it is discovered that there is still much room to delay the actual retirement age of Chinese enterprise employees.Chapter 4 indicates that comparing with the statutory retirement age system, the flexible retirement age system has less pressure to the labor market and less induced retirement effect than people's expectation, as well as more benefit to maintain the balance of social insurance account, thus becoming a feasible way to offset Chinese implicit pension debt.Chapter 5 proposes the way to design flexible retirement age system of Chinese enterprise employees according to the practice of OECD countries and China's actual situation. |
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