Research On The Impact Of Basic Pension Insurance On The Consumption Level Of The New Generation Of Migrant Workers

At present,China's economic development is in the period of export-oriented,investment driven and relying on domestic consumption.The report of the 19 th National Congress also stressed improving the system and mechanism for promoting consumption and impress the basic role of consumption in economic development.The new generation of migrant workers have great mobility,fast acceptance of new ideas,strong imitation,becoming the leading force of rural consumption.At the same time,its consumption concept is more easily affected by the economic system environment.Social security will inevitably have an important impact on Preventive Savings and expectations of the new generation of migrant workers.Therefore,the research on the impact of pension on the consumption level of migrant workers is of great significance to promote the consumption upgrading of rural residents and the economic development of China.This paper first explains the background and significance.then,on the base of the relevant research results,the existing literature is reviewed.based on the theory of life cycle consumption and the data of 2016 national dynamic monitoring survey of floating population,an extended life cycle consumption model is constructed.Then it uses the ordinary least square method(OLS)and two-stage least square method(2SLS)to empirically analyze the impact of pension on the consumption level of the new generation of migrant workers.Further,it distinguishes the migrant workers from the age,income class and working area,and checks whether there are differences in the regression results between groups.Finally,according to the empirical results,we put forward relevant policy recommendations.The results show that,firstly,pension can significantly prompt the consumption of the new generation of migrant workers;secondly,the contribution of urban workers' pension to the consumption is greater than that of urban and rural residents.thirdly,the consumption concept of post-90 s migrant workers is more prepositive than that of post-80s;fourthly,the migrant workers of low-income class need more pension insurance.fifthly,the role of pension in promoting the consumption of migrant workers in the central and northeast regions is the largest.In order to further improve the social security system of migrant workers and promote the consumption level of migrant workers,this paper believes that,first,we should improve the coverage of migrant workers' pension.Second,improve the participation rate of migrant workers' urban pension.Third,the post-90 s new generation of migrant workers should be encouraged to participate in high-level pension insurance;fourth,improve the level of payment of pension insurance for urban and rural residents.Fifthly,all regions should improve the pension system according to their own economic development level.For example,the eastern region should supervise enterprises to pay social insurance premiums in full and in a standardized way,while the western region should focus on economic development,first improve the income of migrant workers,and then further solve the problems of pension.