Design Of Chinese Peasant Workers Pension Insurance System

Today’s China, the number of peasant workers has become increasingly, andthey made an indelible contribution to China’s economic and social development.However, due to institutional, policy and other various reasons, peasant workers lackof corresponding security to protect their social insurance rights and interests, peasantworkers pension insurance is one of them. A considerable portion of migrant workersdid not participate in pension insurance, but even in some finally also cannot obtainthe corresponding insurance benefits. It has a close relationship with the existingpeasant workers pension insurance system. Peasant workers has some specialcharacteristics, such as instability, high mobility, low levels of income, cultural levelis not high and so on，then we should build a new insurance model for the peasantworkers, this model is different from the urban workers and rural pension insurancemodel. Currently, local governments established a variety of pension insurance modelfor peasant workers. But because of the different mode of pension insurance, it isdifficult to transfer the pension insurance relationship, and it is easy to cause lossof migrant workers. The unequal of "rights and obligations" is damage tothe basic rights of migrant workers, and not conducive to harmony and social stability.Therefore, it is urgent and important to establish an appropriate endowment insurancesystem for migrant workers.In this paper, the research object is the design and the reform of endowmentinsurance system for migrant workers, through literature analysis, comparativeanalysis and other research methods to research and analysis the China’s migrantworkers endowment insurance and the notional defined contribution (NDC) scheme.Finally, inspired the ideas of notional defined contribution, we establish a unified newpension model for migrant workers. Through this mode we expect to improve thelow enrollment rate, high surrender rate and difficulties in transferring insurancerelationship. This article is divided into five parts:The first and second part summarize up the research results of peasant workerspension system, combing the development process of China’s migrant workersendowment insurance，the current situation of migrant workers to participate inpension insurance，compares advantages and disadvantages of several representativeendowment insurance mode, analysis the problems existing in current old-ageinsurance of migrant workers, and these will be the key to peasant workers pension system design.The third part introduces the related content of the notional defined contribution,including the origin, theoretical basis，the current development situation, characteristic,advantage and deficiency, the reform in Sweden, Poland and other six countries of thenotional defined contribution system.The fourth part analyzes the necessity and feasibility of introducing the idea ofthe notional defined contribution into migrant workers pension insurance system.The fifth part is to introduce NDC model into peasant workers pension system，soas to establish a unified and suitable for migrant workers-"Book entry" personalaccount type pension insurance model.The sixth part is the conclusion.