Automatic Adjustment Mechanism of Basic Pension:Theoretical Logic,International Experience and Policy Options
China is in a critical period of demographic transition.On the one hand,in terms of population size,China has experienced the negative population growth for two consecutive years.On the other hand,in terms of population structure,the ultra-low total fertility rate has exacerbated the low-fertility and population aging.The rapid population aging attached with the new wave of retirement-tide directly affects the sustainability of China's basic pension.Automatic Adjustment Mechanism(AAM)is the best measure to deal with such shocks.Drawing on the AAM Sustainability Factor experience of the German's public pension,the Macro Indexing experience of the Japan's and the Wage Price Factor experience of the Finland's,this paper puts forward the policy options of establishing AAM in China,including the AAM principles,the policy choices for determining the initial basic pension benefits(i.e.the improved formula for the calculation of basic pension benefits,the introduction of pension points system strengthening incentive mechanism)and the policy choices for the establishment of AAM to determine the growth rate of basic pension benefits(i.e.the introduction of Macro Indexing,the introduction of Sustainability Factor),for the reference of relevant decision-making departments.
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