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The Effect Of Delayed Retirement On Social Welfare In China From The Perspective Of The Pension Replacement Rate

Author

Listed:
  • YUANTAO XIE

    (School of Insurance and Economics, University of International Business and Economics, China)

  • XIAOKE SUN

    (School of Finance, Guangdong University of Foreign Studies, China)

  • SHANCHEN YANG

    (School of Insurance and Economics, University of International Business and Economics, China)

Abstract

This study cuts through the pension replacement rate and aims to investigate the impact of delayed retirement on social welfare. First, this study establishes a two-period overlapping generations model and obtains the effect of delayed retirement on the replacement rate under general equilibrium conditions. Second, this paper uses actuarial and statistical methods to build a pension balance model and specifically analyzes the effect of delayed retirement on the pension replacement rate on different income groups under local equilibrium conditions. The study finds that when the contribution base and other parameters do not change, the retirement age and the replacement rate move in the same direction. When the increase in the retirement age becomes larger, the proportion of the replacement rate also increases gradually becoming larger. The increase in the range of the pension replacement rate of the high-income group is greater than for the low- and middle-income groups.

Suggested Citation

  • Yuantao Xie & Xiaoke Sun & Shanchen Yang, 2024. "The Effect Of Delayed Retirement On Social Welfare In China From The Perspective Of The Pension Replacement Rate," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 69(06), pages 1907-1932, September.
    • Handle: RePEc:wsi:serxxx:v:69:y:2024:i:06:n:s0217590821400038
    DOI: 10.1142/S0217590821400038
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    More about this item

    Keywords

    China; delayed retirement; social welfare; pension replacement rate;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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