| The basic old-age pension system for enterprise employees is an important part of our country endowment insurance system.It plays a role in smoothing the income and expenditure of workers and maintaining social stability.Due to the decrease in the level of fertility caused by the development of economy and the change of people’s attitudes,and the accelerating trend of population aging process,the funds of the basic old-age insurance system of Hebei,with social account and personal account,hardship of deficit.the endowment insurance accumulated surpluses of fund decline year by year since 2014,sustainability of endowment insurance financial is facing unprecedented challenges.The sustainability of pension insurance has become a common concern of the public.If this problem continues,it will not only frustrate the enthusiasm of employees to participate in the insurance,but also more likely to cause psychological panic of employees,and employees have to opt out,,aggravating the imbalance in pension fund and forming a vicious circle.As the helmsman of the old-age insurance system,the government has an inescapable responsibility for the sustainable operation of the old-age insurance system.As an important means for the government to exercise its functions,fiscal has the responsibility to make up for the gap between fund income and expenditure in the old-age insurance system.On the one hand,the gap between pension fund income and expenditure increases the demand for fiscal subsidies.On the other hand,China’s national conditions of getting old before getting rich and economic tendencies under the new normal have led to an obvious downward trend in the growth of fiscal revenue and an increase in the demand for fiscal expenditure caused by economic development.The gap of pension fund has significantly increased financial pressures.Under the challenges of financial sustainability for the endowment insurance fund,it is very important to study the increasing burden of fiscal caused by increasing demand for financial subsidies of endowment insurance,make clear the financial burden of endowment insurance in Hebei province,take precautious and put forward feasible proposals.This paper combines theoretical analysis and empirical analysis,explaining the fiscal expenditure responsibility in the endowment insurance system from the theoreticalperspective,analysing the fiscal burden status quo caused by basic endowment insurance fund gap from the perspective of empirical analysis.In empirical analysis,using age shift algorithm to calculate the gap of primary endowment insurance payments in 2019-2037 in Hebei province,using the least squares regression method to estimate the financial balances of the future in our province,and by controlling endowment insurance coverage,the retirement age,contributing rate and adjustment funds of the central factors,measured the effects of related factors on the endowment insurance financial burden respectively,and in the end,feasible policy Suggestions are put forward to promote the fiscal sustainability of endowment insurance in hebei province.The first part of this paper explains the research background,research purpose and significance of this paper.Based on the analysis of relevant research results at home and abroad,it puts forward the research ideas,research methods,innovation points and shortcomings of this paper.The second part discusses the theoretical basis of financial participation in endowment insurance from three aspects: endowment insurance and its basic contents,the theoretical basis of financial participation in endowment insurance,the design of basic endowment insurance system for enterprise employees in China and the responsibility of fiscal expenditure.The third part elaborated the endowment insurance policy of Hebei province,analyzing the operation situation of the basic endowment insurance for enterprise staff.The fourth part uses the population age shift algorithm to calculate the future insurance participation situation of enterprise employees in Hebei province,calculating the future income and expenditure situation of basic endowment insurance fund for enterprise employees in Hebei province.The fifth part forecasts the future fiscal revenue and expenditure situation of Hebei province through simple regression analysis,and analyzes the pressure of the gap of income and expenditure of enterprise employees’ basic endowment insurance fund on the fiscal revenue and expenditure according to the calculation results of the fourth part.The sixth part adapt sensitivity analysis to calculate the degree of influence of different factors on financial pressure.The seventh part puts forward policy Suggestions to promote the financial sustainability of endowment insurance in Hebei province based on the above calculation results.It mainly includes extending the retirement age,enhancing the authority of collecting and paying pension insurance premiums,reasonably determining the proportion of enterprise and individual contributions,encouraging retired and re-employedpeople to continue to pay pension insurance premiums,developing a multi-level pension insurance system,improving the pension fund investment system,and adjusting the structure of fiscal expenditure. |
