How Can the Pension System Develop Sustainably?From the Perspective of Coordinated Development Between Basic Pension and Personal Pension
This paper constructs an overlapping generation(OLG)model to theoretically analyze and numerically simulate the joint effects of basic pension and personal pension on significant economic variables.The research findings indicate that the reasonable combination of contribu-tion rates for basic pension and personal pension can concurrently achieve economic growth and enhance pension benefits.The impact of the personal pension contribution rate on economic out-put depends on the size of the deferred tax rate,and negative effects on the economy only occur when the deferred tax rate is at a low level.The individual heterogeneity analysis shows that com-pared to low-income groups,reducing the contribution rate for basic pension and increasing the contribution rate for personal pension have a more substantial impact on private savings for high-income groups.Additionally,lowering the contribution rate for basic pension leads to a more sig-nificant decrease in the total pension replacement rate for low-income groups.
personal pensionbasic pensionpension replacement rate
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