Research On Pension Determination Mechanism From The Perspective Of Flexible Retirement:International Experience And China Program

The 14 th five year plan for national economic and social development of the People’s Republic of China and the long-term goal for 2035 put forward "gradually delaying the statutory retirement age",which means that China’s decades long discussion on "whether to delay retirement" has changed to "how to delay retirement".International experience has generally proved that flexible retirement is an important means to extend the working years of workers,and the key to giving effective play to the incentive function is to design a pension determination mechanism of "early reduction and late increase" before and after the legal retirement age.Based on the core concept of pension wealth,this paper analyzes the influence mechanism of pension determination mechanism on retirement age.Combing the change process of China’s basic pension calculation and payment methods,combined with the reality of retirement,this paper reflects the problem of China’s current basic pension determination mechanism to encourage early retirement.Based on the consideration of the types of public pension insurance system and the effectiveness of flexible retirement reform,this paper selects three typical countries: Germany,the United States and Japan to summarize their experience of flexible retirement reform,especially the design characteristics of flexible retirement interval and pension determination mechanism.Then,combined with China’s national conditions,selectively learn from and design flexible retirement interval.Finally,using the pension incentive model constructed by OECD and based on the principle of actuarial neutrality,this paper calculates the punishment factors and reward factors applicable to the changes of pension treatment before and after the legal retirement age.The main conclusions of this paper are as follows:(1)gradual reform and cohesion of social consensus is the premise;(2)Actuarial neutrality of pension determination mechanism is the key;(3)The joint efforts of all parties and the promotion of the whole line are the guarantee.Based on the above experience summary,the implementation of the pension determination mechanism intended to realize flexible retirement in China should start from the following aspects:(1)the implementation premise: public opinion guides the correct understanding of flexible retirement and weakens the resistance before the implementation of flexible retirement and pension determination mechanism;(2)Specific content: workers can retire within the designed flexible retirement range,but each retirement age will apply one adjustment factor,and the pension reward and punishment will be permanent,which will not be changed due to workers returning to work or continuing to pay pension insurance;(3)Scheme promotion: provide relevant information about the pension determination mechanism and keep the rules simple and transparent to promote the implementation of the system;(4)Development direction: in the future,the linkage between pension and compulsory retirement should be gradually abolished to reduce the possibility of workers making irrational retirement decisions due to short sightedness.In addition,flexible retirement is a systematic project.This paper also adds that other thrust measures should be improved to reduce the obstacles of workers’ delayed retirement.