延迟退休年龄对职工养老金财富的作用研究--基于个体生命周期精算视角

The Effect of Deferring Mandatory Retirement Age on Pension Wealth of Employees——Based on Individual Life Cycle Actuarial Method

本文将基本养老保险和企业/职业年金纳入同一生命周期精算框架,测度了延迟退休年龄对职工养老金财富的作用,并分析了个人账户投资收益率、基本养老保险待遇调整机制、工资增长率、贴现率等因素对该作用的影响。数值模拟的结果显示:在仅考虑基本养老保险的情况下,在一定的年龄范围内,养老金财富会因延迟退休而增加,但不同性别和收入群体表现不同;将企业/职业年金考虑在内后,职工养老金财富会得到较大程度的提升。本文认为,提高基本养老保险个人账户投资收益率、建立符合国情的养老金待遇调整机制、加快建设多层次养老保障体系等措施能降低由延迟退休带来的职工养老金财富减少的风险,有利于延迟退休的顺利推行。

This paper examines the effect of deferring mandatory retirement age on social security wealth by calculating not only China’s basic pension but also China’s enterprise/occupational pension in a uniform framework.The roles of the investment of pension fund,the pension treatment growth mechanism,the increase rate of wages and interests rates are also carefully analyzed.The calculation results show that,if we only pay attention to China’s basic pension,when the deferring of mandatory retirement age is within a certain extent,then the social security wealth will be enlarged.If we also take China’s enterprise/occupational pension into consideration,no matter how many years we choose to defer the retirement age in our model,the social security wealth will always be greatly enlarged.In addition,raising the investment rates,standardizing treatment growth mechanism and improving China’s multilevel pension system has a positive effect on keeping social security wealth level when deferring retirement ages.