The Institutional Environment And Public Policy Research On Delayed Retirement In China

As an important measure to deal with the aging of population, delaying retirement has been widely praised by OECD countries. However, postponing the retirement age is a complex social system engineering, which core is to improve the elderly employment to alleviate the shortage of labor and pension payment pressure.If the elderly employment can not be guaranteed after the implementation of policy,delaying retirement is just a mere scrap of paper, and can not play its due role. In other words, the policy is also affected by the effective policy support environment, if there are no other corresponding measures, simply raising the statutory retirement age may be difficult to achieve delaying retirement.In view of this, this study attempts to analyze the effect of delaying retirement and its influence factors in OECD countries, based on the comparison of the elderly labor force participation rate,the effective retirement age and statutory retirement age.And under the background of delaying retirement, this study discusses the institutional factors which are not conducive to delay retirement in the pension system and labor market policy of our country. Finally,in order to build a favorable policy support environment, it puts forward some feasible suggestions on the basis of effective experience of OECD countries.The results show that the varied effect of delayed retirement policy mainly due to the difference between pension system and labor market policy. Only a simultaneous supporting system push those who are reluctant to continue to work, and pull those who are willing to continue working, can the policy achieve delaying retirement.In our current system,on the one hand,the "Commission Account" model is lack of incentives, even suppress the willing of delaying retirement, high payment rate and the current pension payment adjustment method induce early retirement. worse still,the coexistence of "early retirement" and "work after retirement" make it difficult to postpone retirement; on the other hand,that easy unemployment and difficult employment has become a general trend for many elderly workers. Moreover, the risk of unemployment among low skilled and elderly workers has been increased due to the industrial upgrading, which also make it harder to be employed after delaying retirement.Therefore, how to use the pension system and labor market policies effectively to guide and protect the delying retirement, should be the focus of China's retirement age reform. In terms of "pull", we should strengthen the personal accounts and account management, thus regard the flexible retirement system as the goal. Futhermore, the implementation of flexible retirement incentive mechanism based on actuarial balance is needed. Meanwhile, to ensure the fairness and motivation, we should also regulate and control the early retirement strictly; In terms of "thrust", we need to take a more active labour market policies in the future, inculding perfecting the employment regulations, improving the employment services and vocational education, and creating a adaptable employment conditions for the elderly. So as to provide a good environment for the smooth progress of delying retirement.