Research On The Financial Burden Of Basic Pension Insurance For Urban And Rural Residents In Guangdong Province

The basic old-age insurance system for urban and rural residents was established in China in 2014,targeting at rural residents and urban non-employed residents.The biggest highlight of the basic old-age insurance system for urban and rural residents is the basic old-age pension with full financial subsidies.Since the establishment of the system,it has achieved good social effects,but there are still many shortcomings.The Nineteenth National Congress of the Communist Party of China also proposed "improving the basic old-age insurance system for urban and rural residents," and realizing "support for the elderly" requires more government financial responsibility.The Guangdong Provincial Government has been actively responding to the state’s reform of the basic old-age insurance system for urban and rural residents.Every year,the basic pensions for urban and rural residents are included in the government’s "Ten Livelihood Practices." In 2018,the minimum standard of basic pension for urban and rural residents in Guangdong Province has been adjusted to 148 yuan per person per month,which is 60 yuan higher than the national minimum standard for basic pension.However,the basic pension is the main component of the basic old-age insurance benefits for urban and rural residents.The standard of 148 yuan per month obviously cannot protect the lives of elderly residents.Increasing the basic pension will inevitably increase the financial burden.How to balance the relationship between benefit growth and financial burden is the biggest challenge for the development of the basic pension insurance system for urban and rural residents.Firstly,This article uses public goods,government functions,fairness and justice,and social deductions as the theoretical basis to clarify the government’s fiscal responsibility for basic endowment insurance for urban and rural residents.Guangdong Province was selected as the research object,and the subsidy policy,security level and financial burden status of the basic endowment insurance for urban and rural residents in Guangdong Province were analyzed.It was found that Guangdong’s finance was able to further improve the level of basic endowment insurance for urban and rural residents.Secondly,based on the dual perspectives ofpension demand and financial sustainability,an ELES model was constructed to measure the appropriate range of basic pension insurance benefits for urban and rural residents,and the financial affordability of Guangdong Province was evaluated from the perspective of fiscal revenue and fiscal expenditures.According to the research,provide a reference plan for determining the basic pension.Finally,in light of the actual situation in Guangdong Province,suggestions and measures to improve the financial subsidy for the basic endowment insurance for urban and rural residents are put forward.