Research On Influences Exerted By Delay Retirement Age On Chinese Urban Workers’ Basic Endowment Insurance

With the development of Chinese economy and society, people’s living standards is rapidly increasing, the average life expectancy increased year by year, the birth rate, growth rate, the mortality rate has been declining. Resulting in Chinese old-aging population is increasing, working-age population is declining, urban balance of payments pressures basic pension insurance fund increases. More and more of Chinese existing retirement system is not well suited to the needs of modern economic and social development. Whereby the reform of the statutory retirement age system is desperately needed, It is the only way to gradually ease social and economic development challenges that are caused by growing aging population. Thereby it is contributing to the smooth and orderly progress of the social and economy. This paper aims to study the retirement age to formulate relevant policies to provide reference for government departments.This paper briefly describes the background, purpose and meaning, and introduces the concepts and theories of retirement and pension insurance firstly. Secondly, based on the analysis of the current retirement policy, design development of two delayed retirement scheme based on two ways of "a few months per year delay" and "delayed by a decade or five years", and analyzed the two pros and cons of different regimens. Again, using the model analysis in-depth analysis of the impact of this design scheme to delay the retirement age for urban workers, the basic pension insurance fund personal accounts pension income account balance and co-ordination of our country, mainly from payment period, receiving age, replacement rate, elasticity several angles retirement policy, balance of payments and others. The conclusion is:a reasonable delay the retirement age will increase the pension benefits of individual workers, and will ease the pressure coming from population old-aging on the balance of payments of urban basic pension insurance fund. Finally, a wide range for comments, revise relevant laws and regulations, strengthen propaganda to promote flexible retirement and other policy recommendations, thereby improving our current retirement system, and describes the problems and further research direction.