The Factors Affecting The Actual Retirement Age Of Chinese Enterprise Employees

In the field of basic pension insurance for enterprise employees,people are always pay attention to the statutory retirement age.The current statutory retirement age for males 60 years old,female cadres 55 years old and female workers 50 years old can be traced back to the 1950 s regulations.The social and economic situation at the time of establishing the statutory retirement age is very different now,such as life expectancy,population aging,pension funds,etc.Delaying the retirement age is benefit to maintaining the financial sustainability of the pension fund and providing more human capital for the development of the national economy.It is also an inevitable choice for the aging of China's population.However,the statutory retirement age is one of the conditions for receiving endowment insurance.The extension not only means that people should stay longer in workforce but also makes the people draw a pension later and years of receiving pensions shorter.The adjustment of the statutory retirement age will definitely affect the vital interests of the insured.If the employees of the enterprise are in line with the policy of delaying retirement when they choose the retirement age,then this policy will conform to the public opinion,otherwise they will not get the support of the people.How to determine whether the choice of the retirement age of the insured is consistent with the delayed retirement age policy,it is necessary to analyze the factors affecting the retirement age under the specific system,and to guide people choose the retirement age by adjusting the factors affecting the retirement age.Make the insured's choices are consistent with the delayed retirement age policy.According to the development history of the basic endowment insurance for enterprise employees in China,this paper takes the release of the “Decision of the State Council on Establishing a Unified Basic Pension Insurance System for Enterprise Employees” and the “Decision of the State Council on Improving the Basic Endowment Insurance System for Enterprise Employees” as node.We can make the enterprise pension insurance system divide into two phases: 1997-2005 and 2006-2015.The data used is from 2015 China Health and Retirement Longitudinal Study(CHARLS).This paper uses descriptive statistics to analyze the distribution characteristics and differences of retirement age of employees,and compares the differences between retirement behavior and retirement age choices under two policies,as well as differences in personal factors,family factors and institutional factors.In addition,linear regression is used to analyze people's actual retirement age and factors affecting their retirement age.The following conclusions can be drawn from the analysis: First,the statutory retirement age has a significant impact on the choice of employees' retirement age.second,the degree of education has a greater impact on the retirement age of employees.third,the workers who re-employment after retirement choose more early retirement age.Fourth,physical health has a great impact on retirement age.Fifth,family factors have a significant impact on the choice of retirement age.sixth,the improvement of social security system has a crowding-out effect on delaying retirement age.In combination with the previous research,the following recommendations are proposed: first,men and women retire at the same age.second,pensions are linked to retirement age,and the age at which you receive your pension is different from your retirement age.third,popularizing higher education and improving re-employment policies.Fourth,Improve the social security system and adhere to the principle of guaranteeing the basic level.