The Research On Influence Factors Of The Substitution Rate Of The Commercial Endowment Insurance In China

In2014, with the rising number of elderly people, the imbalance of supply and demand in the labor market and the larger of the gap of old age pension, people are becoming more and more concern about their elderly living if there is a good protection. It is mentioned that coping with our ageing population, speeding up the establishment of a social endowment service system and developing the elderly service industries which focus on such as endowment, health, tourism and culture as the main focus of expanding domestic demand in the Third Plenary Session of the eighteen round decision on deepening the reform of some major issues. China’s old-age security system is consisted by the social basic old-age insurance, employment annuity and Individual deposit old-age insurance. The social endowment insurance system stresses on twelve principles which are omnidirectional coverage, cover the basic, multi-level and sustainable, multi-level is inseparable from the commercial endowment insurance, it is indispensable which can complement the income of the individual life source.The pension replacement rate is one of the important indicators to evaluate the endowment insurance plan. It is divided the pension who have received when the worker is retired after the first year by a year’s salary before retirement, the ratio of wages to represent a year before retirement, the pension in the proportion of staff wages in performance after the worker is retired pension income is the level of wage income. It reflects the level of pension income of the worker is retired replace wage income. Now the social basic pension replacement rate level is too low in our country, but the development of commercial endowment insurance which as the important supplement is slow, it can’t play an important role to the improvement of China’s pension substitution rate, greatly increase the country’s financial burden. The World Bank has studied the pension income gap of China found that under the certain conditions, according to the current system mode, the basic endowment insurance income gap will be as high as9.15trillion in our country from2001to2075. To ease the financial pressure and ensure the retirees basic living standards, the Chinese government has set the expectation level of commercial endowment insurance replacement for20-30%.Before the arrival of aging Climax in China, therefore, we should promote actively the structural reform of endowment insurance system and improve the construction and management of commercial endowment insurance market in our country. Meanwhile, We also could promote the supplement of commercial endowment insurance as the second and third pillar, improve the level of the commercial pension replacement rate, reduce the burden of national finance, make up the social basic pension gap, really solve the problem of the economic security of old people to provide a more stability and unity of the social environment for the development of China’s socialism.The paper choose the defined contribution group pension insurance as the specific research object, through the establishment of an actuarial balance of payments model to analyze the different factors on the impact of the commercial pension replacement rate. In this paper, the main content are as followed:The first chapter mainly introduces the background and research practical significance, literature review, the article structure, research methods and innovation points and the further research direction etc.The second chapter mainly introduces the concept and classification of the replacement rate of the commercial endowment insurance, and the present situation of commercial endowment insurance in our country, etc.In the third chapter, the influence factors of commercial endowment insurance replacement are researched from three aspects, such as economic factors, an aging population, the country’s first policy guide. Secondly, according to the principle of balance of accounts, establishing the account of individual income, personal spending account and individual account actuarial balance model, it is concluded that the commercial endowment insurance pension level and replacement rate level of expression. To measure by using the empirical data, found that defined contribution groups pension replacement rate and investment rate of return, the retirement age, individuals and businesses is closely relative to capture to expend scale changes, the wage growth can lead to reduced pension replacement rate, the enterprise will be in proportion to the group account funds delimit individual account of the impact of pension replacement rate is relatively small.According to the result of empirical analysis in view of the problems that exist in the commercial endowment insurance development in our country,the fourth chapter puts forward the following suggestions:①Raising the retirement age and speeding up the development of the endowment insurance tax.②Creating a good investment environment for commercial endowment insurance.③Reducing the price of commercial endowment insurance.④Formulating the appropriate standard of commercial endowment insurance replacement.⑤Improving the commercial endowment insurance system.