Research On The Adjustment Of The Minimum Payment Period Of Urban Employees’ Endowment Insurance Based On "Basic Insurance"

Since the establishment of the urban employee endowment insurance system,China has played an important role in ensuring the life of retirees.However,in the process of economic development,the aging of the population is also increasing,and at the same time,people’s physical fitness level continues to improve,which increases the life expectancy of the population,which benefits from the overall improvement of the socio-economic level and the gradual improvement of medical and health conditions.In the trend of gradually increasing life expectancy,the retirement period is also extended,if the pension benefit increase level is lower than the wage growth level,then the basic function of pension security will decline,and the pension benefit level is difficult to meet the basic security needs,which is easy to produce pension security risks.Especially for people with short payment years,the minimum payment period standard is too low,which will lead to the ability of endowment insurance to guarantee basic living needs will decrease with the increase of retirement years.Under the current system,China’s minimum contribution period is still 15 years from the initial period of the system,and some problems have been exposed in actual operation: the minimum payment period is too low,unable to meet the basic living needs,the legal retirement age is low,the minimum contribution period and the retirement age system are operated separately,the policy publicity is not in place,and the account is not transparent.Therefore,adjusting the minimum contribution period standard is of great significance for the establishment of an old-age insurance system that should guarantee the basic living needs of urban workers and will not cause huge financial burdens.Based on the life cycle theory,income redistribution theory and the theory of the moderate level of pension insurance,this paper expounds the development process of the minimum contribution period and the problems existing in the system,and analyzes the causes of the problems.Then,according to the basic living needs measurement standard,the ELES model is established to calculate the replacement rate of basic security needs of retired employees,and the replacement rate of basic security needs for future contributions to 35 years is predicted,and a pension replacement rate model is established to measure the pension replacement rate under different payment years,and the basic security replacement rate and pension replacement rate are compared to obtain the minimum payment period adjustment target.Finally,the economic rationality of extending the payment period is analyzed by using the insurance income model.The study concluded that the minimum contribution period for male and female employees has been extended to at least 20 and 21 years,respectively,in order to realize the basic functions of pension insurance.On this basis,it puts forward policy suggestions to increase the minimum payment period and further improve the endowment insurance system.