Research On The Injustice Of Double-track Pension System:Based On The Consumption And Investment Of Urban Residents

The pension system is an important tool in terms of narrowing the income gap between different groups and improving social welfare in our country.It is a redistribution system that corrects the welfare gap between the retired workers of institutions and enterprises.As a result of the implementation of China 's dual-track pension system for more than 20 years,the welfare gap between retired workers from institutions and enterprises has widened throughout the period.This paper studies the inhibitory effect of the dual-track system on the consumption of the family and the impact on the family investment behavior,and tries to explain the irrationality of the old pension system,in other words,the rationality of the current pension policy.Based on the database of China Family Panel Studies(CFPS),this paper examines the consumption and investment of urban households under the dual-track pension system.By using empirical research methods,and defining the household consumption expenditure,family education expenditure,family financial assets and average household sub-consumption as dependent variables,the family pension mode as the core independent variable,the overall family education level,family dependency ratio and other variables as control variables,the paper builds relevant panel models and carries out analysis on the regression results.In addition,the paper also analyzes the impact of the pension system on average family sub-consumption.The empirical results of this paper show that high level of consumption and investment appears in unban households which own a high percentage of employees who work for administrative departments and institutions instead of enterprises.The dual-track pension system results in the pension difference between two kinds of workers,and it is the injustice of the pension system that has led to the difference in terms of consumption and investment of urban residents.