Research On The Influence Of Social Endowment Insurance On Residents' Retirement Decision-Making

Our country is one of the developing countries which enter the aging society early,and China's aging degree is still increasing.However,with the retirement age of our country not being increased,the overall population retiring at a relatively early age,and the social endowment insurance coverage being expanded,the endowment insurance system of our country faces challenge exposing problems such as weak sustainability,lack of fairness,low overall plan level and the like.The optimization and reform of the social endowment insurance system are the key to the solution of these problems.As an important part of the social security of our country,the social endowment insurance,to a great extent,guarantees the late-year life of the residents after their retirement from the labor market.To study the effect of social endowment insurance on the people's retirement decision-making and to clarify the relationship of the system to different interest groups,not only have an important meaning to the optimization of the social endowment insurance system,but also provide a train of thought for the reform of the retirement system that is closely related to the endowment insurance system making the two systems being reformed complementarily,which is more relevant to the reality of our country and guarantees people's livelihood.The paper firstly carries out the theoretical analysis: it defines the social endowment insurance and the retirement decision-making and figures out the relevant theoretical foundation about the effect of the social endowment insurance to the residents' retirement decision-making.Employing the life cycle theory,the sustainable income theory,the income redistribution theory and the preventive saving theory,the paper deduces the mechanism of the influence of the social endowment insurance on the residents' retirement decision-making.That is to say,the Social endowment insurance affects retirement decision-making by influencing income,income redistribution and risk dispersion.Following the theoretical analysis,the second chapter of this paper reviews the development of the social endowment insurance system and analyzes the status of the social endowment insurance system and the retirement.The development of the social endowment insurance system is divided into four phases: the phase of the traditional social endowment insurance system,the phase of the pilot social endowment insurance system,the phase of the reform popularization and the phase of the reform deepening.The current status of the social endowment insurance system is mainly summarized as four points: the insurance rate is gradually increased and the coverage level is further improved;the key position is obvious and the welfare of the fund is highlighted;the accumulated balance of the fund is increasing yearly,though the growth rate is declining year by year;the Urban-rural difference and the gender difference still exist,so the endowment insurance system still needs to be improved and perfected.The retirement situation has the following three characteristics:the overall retirement age tends to be early;the residents' retirement age is different between urban and rural areas;and there also exists gender difference in retirement age.Based on the analysis of the theories and the present situation,the paper launches the empirical analysis of the effect of social endowment insurance on the residents' retirement decision-making in the third chapter,and in the fourth chapter the paper provides the research conclusion and the policy suggestion.The research conclusion of this paper are as follows: the social endowment insurance,which can enlarge the probability of early retirement and increase the retirement tendency and intention has a significant positive incentive to the residents' early retirement behavior.Urban and rural residents as well as people of different genders,when making their retirement decision,are influenced to a different degree by the social endowment insurance with the urban residents and female group being influenced to a larger degree than the rural residents and male group.The influence of the social endowment insurance on the elderly group's retirement decision is even greater.On the basis of the present situation and the results of the empirical analysis,the author puts forward the corresponding countermeasures: firstly,continue to expand the coverage of the social endowment insurance of the urban and rural residents,and guarantee that the elderly,especially those in the rural areas enjoy the social endowment insurance;secondly,narrow the gap of the social endowment insurance treatment and introduce a more fair and reasonable system of social endowment insurance;thirdly,strengthen the application and management capacity of the social endowment insurance fund,and actively cope with the sustainable pressure related to the social endowment insurance fund;fourthly,reform the social endowment insurance system and the retirement system complementarily to better adapt to the national conditions of our country,so that the role of the social endowment insurance can be fully played,and at the same time the resistance to the deferred retirement can be reduced.There are two main points in the innovation of this paper: first,innovation in research perspective.At present,there is little direct research on the influence of social endowment insurance on residents' retirement decisions in our country.This paper uses social endowment insurance as an explanatory variable and retirement decisions as an explanatory variable to discuss the influence of social endowment insurance on residents' retirement decision making,which has certain innovations in the research perspective.Second,innovation in research methods.Considering the poor meticulous nature of relevant research in China and the realistic characteristics of China's social endowment insurance system,this paper conducts an empirical study based on sub-samples,which increases the meticulous nature of the research to a certain extent.