Research On Financial Sustainability Of Basic Endowment Insurance For Urban And Rural Residents In Hubei Province

The basic old-age insurance system for urban and rural residents is an important part of China’s social old-age security system.It plays a crucial role in providing security,narrowing the gap between urban and rural areas,and promoting economic development in China’s security system.At the same time,the old-age security is related to the well-being of the people,the vital interests of the people,and the safety net to protect people’s lives and the stabilizer to maintain social harmony.At the "Twentieth National Congress" held by the Party and the Central Committee in 2022,new requirements were put forward for social pension security.On the basis of basically establishing a fair,unified,safe and standardized social security system,we will further improve the national overall planning of the basic old-age insurance system and expand the coverage of this security system.At the same time,efforts should be made to develop a multi-level and multi-pillar endowment insurance system.In 2014,The ruling class of China issued this document "The State’s Knowledgeable Opinions on the Insurance System for the Urban and Rural Living Groups in Hubei Province on Their Social Security and the Stability of Their Elderly Life",and China began to implement the basic endowment insurance system for town and rustic residents by combining the "new agricultural insurance" with the basic endowment insurance for living in large cities and rural areas in remote areas residents.This system has gone through eight years.At present,Our country has basically established a fair,unified and standardized basic insurance elder system for city and rustic people.However,with the economic growth and the people’s need for a higher level of security,it also puts forward higher requirements for this system.According to the Statistical Bulletin on the Development of Human Resources and Social Security issued by the Ministry of Social Security in 2021,although there is no "pension gap" in the basic very old years Chinese people insurance for living in large cities and villages areas in remote areas residents at present,it has always been focused on the people’s attention due to its large number of institutional participants and long guarantee period.Therefore,any minor problem may have a huge impact on the society and the people.At the same time,considering the long-term development,the old-age security of urban and rustic residents in China has not been fully satisfied.In combination with various problems encountered at present,how to promote the financial sustainability of basic the insurance of pension for city and rural residents has become a very important research topic.Taking Hubei Province as an example,based on the theory of sustainable development,this paper explores the key factors affecting the financial sustainability of basic very old years people insurance for urban and rustic residents in Hubei Province by combing the current basic very old people insurance system,finance and management of city and rustic residents in Hubei Province,so as to provide more useful ideas and relevant countermeasures for improving the financial sustainability of basic old-age insurance for city and rustic residents.In terms of the overall structure design of the full text,the first part of this paper is an introduction,which introduces the overall research background and practical significance.At the same time,it combs and makes a brief comment on the existing domestic and foreign related research,and then introduces the overall research ideas,research methods,and possible innovations and areas for improvement in this paper;The second part is the definition of relevant concepts and the introduction of theoretical basis,which provides a theoretical support for the topic selection of this paper;The third part is about the development process,institutional arrangement and operational efficiency of basic the insurance of pension for town and rustic residents in Hubei Province.First of all,look at the development and institutional evolution of basic old-age insurance for town and rustic residents in Hubei Province,understand its development trend and the regional characteristics of the development of the system in Hubei Province,and then introduce the current institutional arrangement of urban very old Chinese people insurance in Hubei Province,so as to have a deeper understanding of the connotation of the system,the composition of the financial mechanism of basic Chinese elderly insurance for town and rustic residents and the way of transmission.Finally,through the analysis of operation efficiency,we can find out the current dilemma;The fourth part is the sustainability assessment of the basic endowment insurance fund for town and rustic residents in Hubei Province.Based on certain assumptions,this chapter forecasts the income and expenditure and balance of the urban endowment insurance fund in Hubei Province in the future on the basis of existing data by building an actuarial payment balance model.At the same time,through sensitivity analysis,we will test the impact of various policy adjustments and system optimization on the future urban housing insurance fund,hoping to find relevant policies to improve the financial sustainability of the basic endowment insurance fund for urban and rustic residents in Hubei Province,and put forward countermeasures and suggestions for the follow-up study of this paper;The fifth part,based on the previous analysis and empirical results,is to gradually promote the policy of delaying the age of receiving benefits,improve the urban housing insurance pension payment system,improve the incentive mechanism,establish a very long-term adjustment mechanism for the pension system,increase people’s awareness of participating in insurance,strengthen fund management and operation,and establish a provincial overall planning system Give full play to the important role of family pension and put forward relevant countermeasures and suggestions to improve the financial sustainability of the basic endowment insurance fund for urban and rustic residents in Hubei Province from eight aspects.The innovation of this paper is that the research perspective is different from that of previous scholars who mostly observe and study the relevant issues of basic elderly insurance for town and rustic residents in China from a national macro perspective.This paper belongs to a regional study,which selects specific provinces and combines the specific economic and population development situation of the region.Therefore,the research results are more targeted and more suitable for the development of the region.