National Coordination of Pension Insurance:Does the Choice of Fund Appropriation Mode Affect Local Government Premium Collection Behavior and Fiscal Burden?
In January 2022,China launched the implementation of the national coordination policy for pension insurance.In the fund pooling stage,there are two modes of treatment fund appropriation:"gradual appropriation"and"direct appropriation"to county-level special accounts.The difference between the two is whether the funds appropriated by the central government to county-level special accounts pass through provincial and municipal special accounts,which theoretically has varying degrees of impact on the premium collection behavior and fiscal burden of the provincial,municipal,and county-level governments.This article draws the following conclusions through the construction of econometric and actuarial models:Firstly,if the national coordination model of inter provincial surplus and deficit adjustment is still implemented,the cumulative fiscal burden from 2023 to 2050 will be 734 trillion yuan.Secondly,the"gradual appropriation"mode will not change the collection rate,but the cumulative fiscal burden will be slightly reduced compared to the surplus and shortage adjustment mode.Thirdly,influenced by the"principal-agent"relationship between central and local governments,under the"direct appropriation"mode,provincial-level and municipal governments face moral hazard of passive premium collection,resulting in a decrease in collection rates and an increase in cumulative fiscal burden compared to the surplus and deficiency adjustment modes and the"gradual appropriation"mode.Finally,introducing incentive compatibility mechanisms or deferral policies will reduce the cumulative fiscal burden under the"gradual appropriation"and"direct appropriation"modes,and have a greater impact on the"gradual appropriation"mode.In summary,the"gradual appropriation"mode should be preferred in the national overall planning process.If the"direct appropriation"mode is chosen,local governments should be incentivized to collect premiums and introduce parameter reforms in a timely manner.
pension insurancenational coordinationtreatment fund appropriationprincipal-agentfiscal burden
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