A Study On The Ability To Pay For Basic Old-age Insurance From The Perspective Of Delayed Retirement And Reduced Contribution Rate

The current retirement age regulations in China were formulated in 1950 s.The retirement age for women is 50 years of age for women,55 years for women cadres,and 60 years for male workers.Because of the underdeveloped economy at that time,the life expectancy is relatively low,and it is only 50 years old.By 2010,the sixth census data showed that the life expectancy of our country has reached 74.83 years.Since 2008,the Department of human affairs has repeatedly mentioned the policy of carrying out the delay of retirement age.In November 2013,the Third Plenary Session of the eighteenth session of the Party pointed out: research and formulation of the gradual delay of retirement age policy.Through the implementation of the delayed retirement policy,we can not only increase the payment time for employees,but also shorten the time for the workers to receive the pension,thus reducing the expenditure of the urban enterprises' overall account funds.On the other hand,the payment rate as an important criterion of the pension insurance system,not only affects the overall income of the pension account,but also affects the payment capacity,and also has a greater impact on the business stability and development sustainability of the payment company.The contribution rate of the basic old-age insurance enterprises in China's urban enterprises is 20%,which is higher than that of the social optimum contribution rate calculated by scholars at home and abroad,15%-19%,which is far higher than the international level.In the third Plenary Session of the 18 th CPC Central Committee,it was pointed out that the coverage of the insured payment was exaggerated and the payment rate of social insurance was appropriately reduced.In April 14,2016,the Ministry of human society and the Ministry of Finance issued a notice(2016] 36)proposed to reduce the payment rate of the enterprise.In the case of the fixed payment base,reducing the rate of payment will reduce the income of the basic old-age insurance for the employees of the urban enterprises.So what's the impact of the two policies with the opposite effect on the basic old-age insurance of urban employees in China? Based on the actuarial model of the basic pension insurance fund for urban employees,this paper calculates the impact of delayed retirement and reducing the contribution rate on the income and expenditure of the fund.The study found that,under the premise of postponing retirement,the appropriate reduction of payment rate will also make the income and expenditure of the overall account fund better than the baseline situation,and reduce the contribution rate,which also can promote the enterprise's payment enthusiasm.At the same time,according to the results of the study,the policy suggestions are put forward to improve the income and expenditure of the basic pension insurance of the workers and workers in urban enterprises.