A Path Study To Improve The Participation Rate Of Enterprise Annuities

The old-age insurance is of great significance for ensuring the quality of life after retirement and for maintaining social harmony.China has established a multi-level pension insurance system with three basic pillars: basic old-age insurance,enterprise supplementary old-age insurance and old-age insurance by personal savings.However,the development of the three pillars is extremely unbalanced during the actual operation.Most of retirees depend on the mandatory basic old-age insurance a lot and the financial sector is under great pressure.Regrettably,the enterprise annuity has not played a supplementary role.According to the actual needs of our country and the experience of developed countries,we must perfect the enterprise annuity system so as to promote the implementation of the multi-level pension insurance system.In this article,we take the enterprise annuity as the research object.Through reviewing relevant literature and combing the stage of enterprise annuity development,we can know the status quo and development predicament of enterprise annuity in our country.Of course,we will give suggestions to improve the development of the enterprise annuity by summarizing advanced experience.We use the Life Cycle Hypothesis as the theoretical basis to focus on replacement rate and contribution rate of the enterprise annuity.We build actuarial model to calculate a value,then we will find the influencing factors which affect this value significantly.The result shows that the replacement rate is mainly affected by retirement age,return on investment and so on.And the value of contribution rate which is determined by the enterprise is not high,so that we should help the enterprise to increase the value.At last,we promote enterprise annuity development by improving the replacement rate and other ways such as joining automatically.We apply mathematics,economics and insurance actuarial knowledge especially use Excel data software,Eviews metrology software and Python program software to enhance the scientificity,accuracy and innovation.