| At present,China’s population aging is entering a rapid growth channel,and it is expected to enter a moderate population aging stage during the 14th Five Year Plan period.The increasingly aging population in China has caused a shortage of labor,increased the pressure on pension payments,slowed down the speed of industrial transformation and upgrading in China,and affected national development and people’s happiness.In response to the challenges brought by an aging society,China has proposed a policy proposal to gradually delay the statutory retirement age.In this context,how to make the delayed retirement policies widely recognized by the public is a key issue in the reform of China’s pension insurance system.Based on the life cycle theory and maximization of individual utility,combined with the current basic pension insurance system in China,this article first uses S-type utility function and non-S-type utility function to measure the utility obtained by employees with the different risk preferences at the different ages of retirement.It constructs a delayed retirement age model that includes wage income before retirement,pension payment fees before retirement,pension income afer retirement,and leisure time afer retirement.Then,through the methods of numerical simulation,the effects of different variables on expected utility and the optimal retirement age of insured employees are determined by the gender,leisure preference,the level of wage income,the level of interest rate,insured age,and individual contribution rate of basic pension insurance;Finally,based on the current national conditions of China,targeted rationalization suggestions are proposed for the delayed retirement policies in China.The research results indicate that,firstly,the expected utility function curves at the different ages under the S-type utility function and non-S-type utility function have basically the same trend,showing a "first rising,then falling" shape,and there is a maximum point in the expected utility function curve.However,due to the two utility functions representing different the risk preferences of employees-the non-S-type utility function tends to be more risk averse than the S-type utility function,the absolute utility values obtained by male and female employees under the non-S-type utility function are lower than those of the S-type utility functions.Secondly,Male insured employees obtain their maximum utility values at the age of 63 and 61 respectively under the S-type utility function and non-S-type utility function,while female insured employees obtain their maximum utility values at the age of 58 and 57 respectively.The delay of the retirement age for female insured employees is greater than that for male insured employees.Once again,the optimal retirement age under these two functions is not affected by the level of wage income and the age of insurance.Both will only have an impact on the absolute values of expected utility obtained by insured employees.If the level of wage income is higher and the age of insurance is younger,then the absolute values of expected utility obtained by insured employees is greater.Finally,leisure preference,the level of interest rate,and individual contribution rate of basic pension insurance will have an impact on the optimal retirement age of insured employees.The lower leisure preference,the level of interest rate,and individual contribution rate of basic pension insurance,the older the retirement age for insured employees to obtain the maximum utility values.In general,only by implementing the different delayed retirement policies for the insured employees of different genders,appropriately giving a certain space for the flexible choices,improving the method of pension insurance payment to achieve actuarial fairness,creating a better employment environment for elderly workers,and encouraging the development of the third pillar commercial pension insurance,can the delayed retirement policies be more smoothly implemented. |
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