The Research On Substitution Rate Of Occupational Pension In China

Population ageing is a global phenomenon affecting everyone, but countries are at very different stages of the process. Especially in China, the pressure of aging population is even bigger than that of other countries. It not only has become the serious hindrance which the reform meets, also is the important barrier on sustainable development of economy in our country. So how to develop and improve the endowment insurance system has become a social problem which has to be solved properly.The present research object of this paper is substitution rate of occupational pension in our country. The level of substitution rate refers to the ratio of pension income and wages income, which is used to express the ratio of the retired staff's pension income substituting staff's wages.In order to determine the moderate target substitution rate of occupational pension, the article discusses the moderate target substitution rate of various props on the background of the endowment insurance. At the beginning, the paper limits the connotation of the moderate substitution rate in theory and elaborates the theory basis of determining moderate substitution rate. By analyzing the present expenses of endowment insurance from three aspects including the burden of government, the burden of enterprises and individual burden, we can realize that occupational pension has a latent development space. As is shown in the paper, I select the general industrial enterprises as representatives and determine the biggest pay lever and the moderate pay lever while establishing occupational pension plan. Also I establish actuarial models to calculate the substitution rate provided by occupational pension actually which is based on the biggest pay lever and the moderate pay lever, and the influence factor of the model has carried on the sensitive analysis. So, on the basis of the above analysis, the paper proposes the new conception of generalized occupational pension and reconstructs three props system of endowment insurance and determines target substitution rate of various props. Then, the plan has carried on the feasibility analysis. Finally, the paper put forward some policy proposals about the development of occupational pension based on the present actuality of occupational pension in our country.