Study On The Influence Of Pension Insurance Contribution Rate Reduction On Employee Wages And Labor Employment

In order to solve the high transfer cost brought by our pension insurance system after changing from cash collection system to unified accounts combining system,our country has kept relatively high urban enterprise staff basic endowment insurance payment rate all the time.But in fact,the excessively high contribution rate of urban enterprise employees’ basic endowment insurance is not conducive to the stability and development of the national economy to some extent,but also limits the development of enterprises,and is not conducive to stimulate the vitality and innovation of enterprises.First of all,the endowment insurance contribution of enterprises occupies a very high proportion in the cost expenditure of enterprises.Relatively high endowment insurance contribution means relatively high labor cost.Thirdly,the relatively high endowment insurance contribution rate has a negative impact on the domestic job market,which is not conducive to the healthy development of the labor market.Finally,relatively high endowment insurance contribution rate will affect residents’ consumption and savings behavior,thus affecting the consumption level of the whole society.Therefore,the reduction of endowment insurance contribution rate has become a realistic and key measure for enterprises to reduce the heavy burden and improve our endowment insurance system.The State Council requires that the pension payment rate of Chinese enterprises should be gradually reduced since2016,but this policy is only implemented in 21 Chinese provinces,not uniformly implemented in the whole country.It was not until 2019 that the country officially issued the Comprehensive Plan for Reducing Social Insurance Rates,requiring that the pension insurance contribution rate of enterprises be reduced to 16% nationwide,so as to reduce the burden on enterprises.However,the effect of the pension contribution rate reduction policy is still uncertain,and the academic circle has not reached a unanimous conclusion on the discussion of the policy.Shandong Province,as the pilot province of reducing the endowment insurance contribution rate,has strong representativeness and research significance.In this paper,the decline of pension insurance contribution rate in Shandong Province in 2011 is taken as the entry point,Jiangsu Province,which has A similar economic structure and is geographically adjacent to Shandong Province,is selected as the control group,panel data of Shanghai-Shenzhen A-share listed companies in Jiangsu and Shandong from 2006 to2016 are selected as the sample data,and the typical differential fixed-effect model is selected as the research method.From the enterprise level,it explores and analyzes the impact of the reduction of pension insurance contribution rate on the salary and labor employment of listed companies.Firstly,the panel data is used to analyze the impact of the reduction of pension insurance contribution rate on the salary of listed companies.The concrete results show that the decrease of pension insurance contribution rate will have a significant positive impact on the salary of listed companies in Shandong Province.Then,according to the panel data,the impact of the reduction of pension insurance contribution rate on labor employment of listed companies is analyzed.The results show that the decrease of pension insurance contribution rate also has a significant positive impact on labor employment of listed companies in Shandong Province.In this regard,this paper believes that the reduction of pension contribution rate in Shandong Province can be taken as an example to expand the scope of pilot cities,and gradually increase the reduction of pension contribution rate,reform the pension insurance system more accurately,and gradually reduce the contribution burden and pressure of Chinese enterprises,so as to stimulate the vitality of enterprises in developing the economy to a greater extent.Thus drives the development of our whole real economy domain.Combining the theory of welfare economics and social moderate security,this paper is helpful to further deepen the cognition of the effect on enterprises brought by the reform of pension contribution rate,and provide experience and examples for the subsequent reform of pension contribution rate policy,so as to improve the corresponding measures for enterprises to reduce the decline in the national policy field.