The Impact Analysis of Delayed Retirement and Flexible Retirement on the Basic Pension Insurance for Enterprise Employees:A Perspective of Common Prosperity
From the perspective of common prosperity,this study analyzes the impact of delayed retirement and ac-companying flexible retirement measures on two aspects of basic pension benefits for retired enterprise employees:the level of pension income and the disparity in benefits.Specifically,it uses the cross-sectional replacement rate and av-erage replacement rate to measure the level of pension income for retired enterprise employees,and employs the Gini coefficient of the cross-sectional replacement rates across different retirement age groups to gauge the internal disparity in pension benefits.By constructing an actuarial model linking retirement age to these metrics,and assigning appropri-ate parameter values,the effects of delaying retirement and flexible retirement policies are projected for the period 2023-2052.The study finds that the five designed delaying retirement schemes simultaneously yield two favorable out-comes:not only do they help narrow the benefit inequality,but they also elevate the overall pension benefit level,with the positive effects incrementally strengthening across schemes.Further comparative analysis reveals that the favorable impact of a delayed retirement scheme is positively correlated with the average retirement age of its covered population-the higher the average retirement age,the stronger the beneficial effect.Flexible retirement measures were imple-mented in conjunction with various delaying retirement schemes,considering both low(L)and high(H)delay prefer-ence scenarios.Findings indicate that while the original beneficial effects of delayed retirement persist,exhibiting the same two desirable outcomes,their magnitude is somewhat attenuated by these complementary measures.Based on these conclusions,policy recommendations include:promptly implementing a gradual delaying retirement policy;ad-vocating for flexible retirement measures to accompany the delaying retirement policy;and establishing appropriate in-centives and disincentives to encourage insureds to opt for higher retirement ages.These targeted policy suggestions aim to provide valuable insights for the basic pension insurance system's progression towards common prosperity.
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