Analysis Of The Impact Of Basic Endowment Insurance On Delayed Retirement Intention Based On Individual Differences

In recent years,China’s population aging has become increasingly severe,and China is facing the development trend from mild aging to moderate aging.The deepening of the aging degree has brought a series of social and economic problems,mainly manifested as the gradual decline of demographic dividend and the increasing pressure of pension payment.It is imperative to formulate a scientific and reasonable policy to delay retirement age.Basic endowment insurance guarantees the basic life of retired old people,and is the main source of income for retired old people.At present,our basic endowment insurance includes urban staff basic endowment insurance and urban and rural residents basic endowment insurance,both in the safeguard object,safeguard degree,implementation intensity,pay cost standard and so on have difference.According to the life cycle theory,income redistribution theory and other theories,it can be seen that the basic endowment insurance will have an impact on the individual’s retirement intention,and the different guarantees degree of the basic endowment insurance itself will also make the difference in the impact.In addition,considering the existence of individual differences,there will be significant individual differences in the impact of different levels of basic endowment insurance on individuals’ delayed retirement intention.Therefore,an in-depth study of this issue is conducive to providing ideas and directions for the reform of basic endowment insurance and the formulation of delayed retirement policies,and promoting the coordinated development of these two systems.Based on the data of CHARLS2018 and relevant theories,this paper firstly analyzes the specific effects of two different types of basic pension insurance on the retirement intention of middle-aged and elderly people in China.On the basis of the above,the paper further analyzes the heterogeneity of the influence of different levels of basic endowment insurance based on individuals’ willingness to delay retirement.Finally,the results show that having high security(urban employees)basic endowment insurance significantly inhibits individuals’ willingness to delay retirement,but having low security(urban and rural residents)basic endowment insurance significantly promotes individuals’ willingness to delay retirement.When individual differences are taken into account,it can be found that there are significant differences in gender,marital status,educational status and other aspects in the influence of basic endowment insurance security levels on individuals’ willingness to delay retirement.The innovation of this paper is mainly in the following two aspects: First,generally speaking,the different degree of basic endowment insurance security may have different effects on the willingness to delay retirement.Therefore,different from the existing literature,this paper divides the basic endowment insurance into two types according to the degree of security: the basic endowment insurance with high security(urban employees)and the basic endowment insurance with low security(urban and rural residents),and then studies and analyzes the impact on the willingness to delay retirement respectively.Second,there are differences among each individual,such as gender,education level,marital status and so on,which may lead to significant individual differences in the influence of the basic pension insurance on the willingness to delay retirement.Therefore,another innovation of this paper is to consider individual differences.This paper focuses on the influence of different types of basic endowment insurance based on individual differences on the intention to delay retirement.