The Payment Choice And Optimization Of Rural Residents Participating In The Basic Pension Schemes

The Basic Pension Schemes for urban and rural residents is very important for the elderly life of rural residents.In real life,rural residents generally choose the lowest payment bracket.Under the current system,this will lead to a relatively low living standard of the elderly;moreover,the low level of individual payment is not conducive to the sustainable development of the system.Solving the dilemma of low-level payment is an unavoidable problem to improve the rural old-age security system.Therefore,it is of great practical significance to analyze the reasons why rural residents generally choose the lowest level of payment and explore the optimization path to improve the level of payment.For residents,paying endowment insurance premium is an intertemporal choice.Individuals are faced with many uncertain factors in their decision-making,and it is difficult for them to make a completely rational choice of payment,that is,individuals make decisions based on "Bounded Rationality".In view of the dilemma of the low level of individual payment,most scholars believe that improving the minimum payment standard is one of the optimization paths,but few studies have carried out specific discussions combined with the characteristics of residents’ behavior.Therefore,from the perspective of bounded rationality,this study constructs a theoretical framework based on anchoring effect,and based on the policy practice of Shandong Province,empirically analyzes the reasons why rural residents generally choose the minimum payment standard,and puts forward the optimization measures to improve the low-level payment dilemma.The main conclusions are as follows:In the choice of payment,residents are "bounded rationality",and there is an obvious "anchoring effect".Due to limited policy awareness,strong current preference and vague decision-making options,residents generally regard the "minimum payment standard" as the "anchor value" when choosing payment bracket,and it is difficult to get rid of it.However,while choosing the lowest bracket of payment,residents have the subjective will to improve the level of payment.Therefore,based on the characteristics of residents’ behavior,we can improve the payment level of rural residents by improving the minimum payment standard.In the short run,raising the minimum payment standard has a negative impact on the residents’ participation probability,but in the long run,the negative impact will gradually disappear.Based on the quantitative analysis of data from Shandong Province,it is found that,with other conditions unchanged,the insured probability of residents in high standard areas decreased by 38.7% compared with that in low standard areas in 2013,the marginal effect decreased to 16.3% in 2015,and it is no longer significant in 2018.This shows that raising the minimum payment standard is an optional way to improve the policy.Because it takes time to eliminate the negative effects of raising the minimum payment standard,we should adopt the way of raising the minimum payment standard periodically instead of raising the standard year by year.At present,the minimum payment standard of Shandong Province is within the affordable range of residents,and there is room for further improvement.Through the case study of Chengyang District of Qingdao City,it is found that the minimum payment standard "from high to low" has not caused a significant drop in residents’ payment level,which reflects that the early higher payment standard is consistent with the residents’ willingness to pay.The payment standard accounts for about 4.3% of the local per capita disposable income of rural residents in the previous year.The proportion of the minimum payment standard in other sample areas of Shandong Province in 2018 is lower than this level,which is consistent with the results of quantitative analysis.Thus,it can be seen that the minimum payment standard accounts for 4% of the per capita disposable income of rural residents in the previous year,which is still in a moderate range,and the current minimum payment standard is still likely to be improved.Therefore,we put forward the following policy suggestions: in order to enhance the security ability of the Basic Pension Schemes and promote the sustainable development of the system,the government should build a normal adjustment mechanism of the minimum payment standard,and steadily improve the minimum payment standard periodically.