An Empirical Study Of Our Country's Ability To Provide For The Aged

The problem of population aging has become increasingly prominent,bringing serious social problems.In the next few decades,China's population structure will continue to move towards aging,pension pressure is increasing.In recent years,despite China's continuous development in economy,insurance depth and density has also been greatly improved,but compared to developed countries there is still a big gap.China's three-pillar pension scheme still faces severe problems,there are historical outstanding loans and individual empty accounts in the basic old-age insurance program,the development of the second and third pillar seriously lags behind.Early retirement age leads to lack of personal wealth accumulation and excessive reliance on the basic old-age insurance program.The quantitative comparison of the current situation of our pension and other countries helps us to identify our ranking,and to analyse where the gap lies.The paper defines and establishes the index system of the ability to provide for the aged from the aspects of economy,medical treatment,population,society and insurance system.Based on the data of 20 OECD members and China from 2009 to 2014,using factor analysis method,the paper grades the ability to provide for the aged of the sample countries,analyses their performance and gives the ranking.The results show that:first,from 2009 to 2014,China's comprehensive ability to provide for the aged ranked the last in the twenty-one sample countries,the performance of each factor are poor,and there is still a big gap between our country and the developed ones;second,the gap between China and the developed countries in the ability to provide for the aged is slowly decreasing year by year;third,the improvement of the ability to provide for the aged should not only rely on the first pillar,the second pillar and the third pillar should also be promoted.Finally,the paper puts forward some countermeasures and suggestions to improve the ability to provide for the aged,including further implementing the market-driven investment and management mode,improve management efficiency and increase the investment income;postpone the legal retirement age;promote the development of the second pillar and third pillar;promote the house-for-pension scheme;securitize the longevity risk.