The Impact Of The Change Of The Payment Period On The Balance Of Income And Expenditure Of The Basic Pension Insurance Fund For Enterprise Employees

The increase in the minimum contribution period for receiving basic old-age pensions is a new policy for adjusting the parameters of the basic old-age insurance system after delaying the retirement age,reducing the contribution ratio of units,and calculating the average salary of employed persons in urban units in full caliber.Based on the continuous deepening of the aging of the population,the continuous improvement of the level of urbanization and the rapid emergence of new employment forms,the coverage of the basic endowment insurance system for enterprise employees has been further expanded,which has made important contributions to ensuring the basic life of the elderly.However,the system also faces many difficulties in the process of operation,such as the growth rate of employees is lower than the growth rate of retirees,so that the burden of intergenerational pension increases;For example,the actual payment period is low,participation is not paid,and payment is interrupted one after another;There are differences between the top-level design of the system and the actual implementation plans in various places,and the basic pension income does not cover the expenditure,and the dependence on financial subsidies has increased significantly.Taking the gradual increase in the minimum payment period of basic pension as the starting point proposed in the 14 th Five-Year Plan for the Development of Human Resources and Social Security,combined with the system design and implementation plan of basic endowment insurance for enterprise employees,this paper adopts actuarial methods to construct the income and expenditure model of individual accounts and social pooled account revenue and expenditure models respectively,reasonably assumes the model parameters,and measures the impact of increasing the minimum payment period on the financial sustainability of the basic endowment insurance system for enterprise employees by multi-scenario simulation.The conclusion of the study found that,first,based on the current personal account pension calculation and issuance method,whether it is a separate increase in the minimum contribution period or a combination adjustment of the statutory retirement age,increasing the average contribution period will aggravate the situation of personal account pension income and expenditure.Second,under the premise of scientifically revising the number of months of pension issuance in personal accounts,increasing the minimum contribution period alone still has a reverse inhibiting effect on the balance of income and expenditure of personal accounts.Third,while the two policy combinations of delaying the statutory retirement age and revising the number of months of personal account pension payment are implemented,increasing the minimum contribution period can not only ensure that the long-term imbalance of personal account pension does not further deteriorate,but also can quickly increase the income of personal account funds in the short term,which is conducive to appropriately alleviating the pressure on the social pooling account.In addition,if according to the original design intention of the personal account system,the number of years of payment is taken as the pension period of the personal account and the adjustment of the pension treatment of the personal account is not considered,the combination adjustment of parameters will make the difference between income and expenditure of the personal account turn from negative to positive.Fourth,based on the current design of the basic endowment insurance system for enterprise employees,the social pooled account under the pay-as-you-go system needs to bear both the basic pension and the pension expenses of the elderly,and also needs to bear the responsibility for adjusting the pension treatment of the personal account and the excess pension expenditure of the personal account.The minimum payment period will be increased from 15 years to 20 years,and the payment period of employees who can pay will be encouraged to increase to 40 years,which will help alleviate the imbalance pressure of income and expenditure of the basic endowment insurance social pooling fund for enterprise employees;In addition,the simultaneous enhancement of financial subsidies would maximize the utility of increasing the minimum contribution period.