The Effect Of Delayed Retirement And Pension Construction Rate On Intergenerational Income Transfer Rate

Influenced by the traditional concept of "raising children to prevent old age",family support is the most widely used pension method in Chinese society,and the intergenerational economic support provided by offspring to their parents is an important income channel for the elderly.However,China’s current family planning policy has greatly impacted the traditional concept of "raising children to prevent old age".In today’s society where the dependency ratio of the elderly population continues to rise,one person may face the problem of supporting six elderly people,and the form of family pension is more and more difficult.Under this circumstance,society must share part of the pension responsibility to reduce the current family support pressure.Therefore,my country has established a reasonable social pooled pension insurance system based on the pay-as-you-go system and has also put the implementation of the delayed retirement policy on the agenda.The old-age insurance system and delayed retirement policy will have a new impact on the allocation of family resources,and will inevitably affect the intergenerational income transfer within the family.Both of these two policies have greatly increased the fixed income of the elderly and changed the intergenerational income transfer from children to their parents,which requires us to combine delayed retirement,the old-age insurance system,and family intergenerational income transfer.Get up and re-examine the relationship between the three.Based on the life cycle theory and unified growth theory,this paper constructs a two-phase three-sector overlapping generation model,divides individuals into two periods of working period and old age,and builds the model from three aspects: individual,enterprise and government.Introduce delayed retirement variable under the constraint of fund financial balance to explore the impact of pension contribution rate and delayed retirement time on family intergenerational income transfer rate.Under the condition of macro-equilibrium in the capital market,in order to achieve the balance of supply and demand in the capital market,it is necessary to combine the decisions of individuals,enterprises and the government,and to maximize personal welfare,through mathematical analysis,it is concluded that the contribution rate of pension insurance,delayed retirement is included.The dynamic equilibrium formula of parameters such as age and the intergenerational income transfer rate is calculated,and numerical simulation is carried out.The results show that,first,the intergenerational income transfer rate is negatively correlated with delayed retirement age.The delayed retirement policy does reduce the number of individuals receiving pension insurance in old age,but it increases the wage income they obtain through delayed retirement,and the disposable wealth of representative individuals increases in old age,reducing their dependence on children.Therefore,the income-increasing effect of delayed retirement plays a dominant role,inhibiting the intergenerational income transfer.Second,the intergenerational income transfer rate is negatively correlated with the pension contribution rate.The increase in the contribution rate of pension insurance increases the amount of pension insurance that representative individuals receive in their old age,which has a "crowding-out effect" on intergenerational income transfer,and the rate of intergenerational income transfer decreases.Delaying retirement and endowment insurance policies will help reduce the burden of family pensions and affect the intergenerational income transfer of families.However,the reform of the pension system implemented in my country this year has lowered the contribution rate of enterprise endowment insurance and increased the burden of the family endowment to a certain extent.In the case of family pension burden,the goal of reducing pension insurance rates by postponing the retirement age has great practical significance for the gradual implementation of the "endowment insurance rate reduction" policy in my country.