Research On Rural Pension Based On Consumption

Since our country entered the aging society in 2000,the problem of old-age pension has become one of the urgent problems to be solved.By 2017,about one fifth of the elderly over 60 years old in our country are still below the poverty line.In order to solve the problem of insufficient substitution rate after the comprehensive coverage of rural pension and unable to meet the basic living needs of the elderly,this paper tries to carry out a new model of old-age pension payment.It is discussed that the former income-based model should be replaced by the consumption-based model in order to achieve the purpose of directly linking the payment rate with the substitution rate,and to ensure that the paying population can pay on demand and consume on demand.In view of the fact that the retirement standard of living in rural areas of our country is far below the average level of the United Nations,this paper analyses the development process and existing problems in the field of rural pension in our country.Combining with the existing international rural pension theory,this paper applies the life cycle theory,the international rural pension theory and Robert C.Merton's intertemporal equilibrium model to deeply analyze the construction of rural consumption-based pension.The feasibility of pension payment ensures that the theory is sufficient to support the practical application of the model.According to the requirements of the model,this paper calculates the mortality rate during pension payment and retirement in turn.Considering the differences of urban and rural areas and consumption levels,the paper calculates the annual average growth rate of urban per capita consumption and the annual average growth rate of rural per capita consumption,and completes the estimation of consumption parameters in turn.Finally,we estimate the expected real risk-free rate of return in the mid-term economy,calculate it by using the formula of the inter-period equilibrium model,get the payment parameters needed to complete the model formula,and obtain the payment formula of the rural model.In order to realize the diversity and multi-choice of rural pension payment,this paper chooses four commonly used payment years to calculate the parameters,and then obtains the multi-grade payment under different substitution rates.In order to further verify the accuracy and feasibility of the model,this paper makes a hypothesis again.Under the assumption that the retired employees of urban enterprises also meet the application conditions of the model,this paper makes another hypothesis to the city.The retired employees of town enterprises calculate the pension model based on consumption,and get the formula of urban payment parameters.After obtaining the parameter formula of rural and urban pension contribution,in order to facilitate the comparison between consumption-based pension and income-based pension,this paper also proposes an index to measure people's sense of attainment and happiness.With the help of the index parameters,this paper chooses Tianj in rural pension data as a control,estimates the formula of the current rural pension payment parameters,obtains the values of the index parameters respectively,and presents them in tabular form.With the help of the index parameters proposed in this paper,this paper compares the consumption-based rural pension with the current rural pension index parameters,and draws the conclusion that the selection of rural pension is related to the years of payment.At the same time,this parameter index is used to calculate and compare the parameters of the urban enterprise employees' pension,and the formula of the index parameter is different from that of the rural situation.In view of the two conclusions that the consumption-based rural pension is totally different from the urban enterprise pension,this paper separately analyses the current situation,the mode of payment and the level of substitution rate of the rural and urban pension,seeks the reasons for the different conclusions of the same model,deepens the explanation of the theoretical basis and economic significance,and draws the conclusion that the utility of pension payment is closely related to the length of payment.In conclusion,the future realization of consumption-based pension is prospected.