Industrial Wage Gap,Life Expectancy Heterogeneity and Delayed Statutory Retirement Age
Based on the perspectives of industrial wage gap and life expectancy heterogeneity,this paper studies the issue of dela-ying the statutory retirement age.The paper finds the following conclusions:First,industrial wage gap does not show a long-term de-creasing trend,so the analysis of delaying the statutory retirement age should not ignore industrial wage gap.Second,because industrial wage is positively correlated with life expectancy,people engaged in low-income industries are more adversely affected by delayed re-tirement,and the formulation of policies should pay attention to such groups.Finally,although delaying the retirement age shortens sur-vival life of drawing pension,it improves the pension benefits in each year.The net revenue curve of pension insurance presents a U-shaped because of interaction of above two factors.That is to say,when the retirement age is low,delaying the retirement age can re-duce the net revenue of pension insurance,which helps ease the pressure on government pension funds.On the contrary,when the re-tirement age is higher,delaying the retirement age increases the net revenue of pension insurance,which in turn exacerbates the pres-sure on government pension funds,showing that there is an upper age limit in the policy of delaying the statutory retirement age under the current pension insurance system.To break this restriction,this paper finds that against the backdrop of the gradual increase of life expectancy in China,if the number of months of individual account pension is continuously increased to reduce the individual account pension treatment,then the impact of retirement age on the net income of the pension insurance gradually changes from a U-shaped characteristic to a monotonically decreasing trend.Therefore,to offset the negative impact of the accelerating trend of population ageing on the income and expenditure of the pension fund,the government's complementary measure to gradually delay the statutory retire-ment age is to increase the number of months of individual account pension payments.
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