Research On The Choice Of Progressive Delayed Retirement Options ——Based On The Perspective Of Employees’ Pension Net Wealth

In recent years,China has made great achievements in economic development and livelihood construction,etc.,but,in contrast,there is a social status of "getting old instead of getting rich".In addition,the emerging issues such as continuous improvement of the average life expectancy of the people,the extension of the number of years of personal education,and the imminent deficit of pension funds,make the delayed retirement a critical policy that needs to be implemented as soon as possible to cope with the aging of the population.However,the implementation of the policy has faced greater resistance since the date of its introduction,mostly because the insured employees believe that there is a possibility of personal pension reduction after the implementation of it.Therefore,this paper conducts a series of studies on the changes in the size of the net wealth of pension funds for insured employees before and after the implementation of delayed retirement,and,on this basis,estimates the incentive effect of synchronous implementation of relevant preferential policies.Based on China’s national conditions,the domestic and foreign practice of delayed retirement reform,this paper proposes three specific progressive delayed retirement schemes,estimates changes in the net wealth of pension funds for insured employees before and after the implementation of delayed retirement by the actuarial model of personal pension,and,on this basis,further investigate the changes of net wealth level of pension for employees with different ages,genders,income levels and identities（"middle "workers or "new" workers）through the classification of insured employees.The results show that,for the insured workers as a whole,the implementation of delayed retirement will reduce the pension net wealth level of most of the workers;When considering the employee group under certain conditions,the implementation of delayed retirement can bring some benefits to the middle-aged and old,female and"middle" workers,and make the pension net wealth level of the young and middle-aged,male and "new" workers decline.At the same time,under the background of the inevitable implementation of delayed retirement,female employees prefer low retirement age,while male employees prefer low delay speed.Since delayed retirement will induce a decline in the level of net pension wealth from the overall perspective of insured employees,it is necessary to implement supporting incentive policies to encourage employees to take the initiative to extend their working hours.Based on it,this paper studies the impact of the coordinated implementation of the delayed retirement policy and the preferential payment policy or the "punish early and reward late" policy on the net wealth level of employee pensions.The results show that the preferential payment policy can solve the problem of the sharp decline in the net wealth of pension for young and middle-aged workers due to delayed retirement,but the policy does not have an incentive effect for employees of all ages and may lead to certain financial pressures in the implementation process,while the "punish early and reward late" policy is more practical but can only particularly solve the problem of the decline in pension benefits faced by young and middle-aged male employees,so the design of the actual incentive policies still needs to be considered with multiple factors such as society and labor population.