Study On Labor Supply Effect Of Endowment Insurance

Pension and employment have always been hot issues concerning people’s livelihood.The report of the 19 th National Congress of the Communist Party of China clearly pointed out that “employment is the biggest livelihood”,and “we should actively respond to the aging of the population,and build a policy system and social environment to support the elderly,filial piety and respect for the elderly”.Especially with the aggravation of aging population in China,the elderly dependency ratio has been rising continuously for 10 years,the labor market is short of supply and meets a series of social problems.How to improve the endowment insurance system and how to maintain the labor supply suitable for economic growth have become urgent economic and social problems to be solved.As we all know,Anhui Province has a large population.This paper based on Anhui Province’CFPS datas,uses breakpoint regression model and two-stage least squares method to explore the endowment insurance for the influence of the elderly population in Anhui Province labor supply,found that in Anhui Province,the implementation of endowment insurance have played a significant role in improving the labor supply state of middle-aged and elderly people,which can reduce their labor probability by 25%-32%.However,the endowment insurance has no significant impact on the weekly labor supply time of middle-aged and elderly people in Anhui Province,which is mainly affected by their age and education level.Combined with the development status of endowment insurance in Anhui Province,we found that the current residents of Anhui Province are not active enough to participate in the insurance,the payment level is still low,and the endowment insurance “guarantee for the bottom” level is not high.resulting in limited impact on the improvement of the welfare conditions of the middle-aged and elderly,and still plays a role of bottom line protection and supplementary security.Therefore,we put forward that we should gradually improve the endowment basic pension replacement rate level,perfect the incentive system,endowment insurance by strengthening propaganda work,and change the traditional pension concept to attract residents in Anhui Province early ginseng and paying cost,to enhance the level of their ego safeguard advice.Secondly,strengthening the investment utilization of endowment insurance fund,and making the fund operating safely and proffesionaly.Finally we can also broaden the channels for the elderly income from the root.For rural residents,we can actively promote the rural land management rights,through the rich rural residents’ income source and improve the level of protection to reduce the elderly labor supply,enhance the level of welfare;For urban residents,we can provide them opportunities of continuous learning,on-the-job training and skill upgrading to enable urban residents to enter the labor market smoothly and obtain stable employment during their working period,thus laying a certain foundation for their life after retirement.