Time-consistent pension policy with minimum guarantee and sustainability constraint

This paper proposes and investigates an optimal pair investment/pension policy for a pay-as-you-go(PAYG)pension scheme.The social planner can invest in a buffer fund in order to guarantee a minimal pension amount.The model aims at taking into account complex dynamic phenomena such as the demographic risk and its evolution over time,the time and age dependence of agents preferences,and financial risks.The preference criterion of the social planner is modeled by a consistent dynamic utility defined on a stochastic domain,which incorporates the heterogeneity of overlapping generations and its evolution over time.The preference criterion and the optimization problem also incorporate sustainability,adequacy and fairness constraints.The paper designs and solves the social planner's dynamic decision criterion,and computes the optimal investment/pension policy in a general framework.A detailed analysis for the case of dynamic power utilities is provided.

The modem community endowment service policy support system

Population aging is a worldwide problem, with the development of economy, the aging of the population problem of old-age security puts forward a new challenge. This paper on China＇s current pension service policy on the content classification, and summarizes its transformation, finally puts forward several opinions to pension policy reform.

The choice of pension and retirement systems when post-60s baby boomers start to retire in China

By using dynamic programming method,this paper finds that a combination of immediately delayed retirement and accumulated pension system should be implemented if based on the goal of maximizing output,while a combination of undelayed retirement and accumulated pension system should be implemented if based on the goal of maximizing utility.In view of the substitutability of family utility and social output,and synthesizing reform resistance,a combination of gradually delayed retirement and accumulative pension system should be implemented.Certainly,with efficiency of factors unchanged,with the decrease of working-age population caused by the alternation of population generation,the increase of pension burden and the disappearance of capital dividend,a sharp decline of future economic growth cannot be changed no matter what kind of pension and retirement systems are implemented.Therefore,on the premise of stabilizing short-term economic situation,we should look for a new engine for economic development by system reform in the long run.

The Chinese Dream of a More Progressive Welfare State： Progress and Challenges

＂The Chinese Dream＂ and its ideational precursors in official discourse touch upon issues of social policymaking. More specifically, official China has stated the goal of achieving a ＂moderate＂ or ＂appropriate＂ universal welfare state in order to mitigate increasing inequality and the individualization of social risk. Consequently, the new millennium witnessed a wave of social reforms in China's Mainland, the most significant of which were arguably within the policy fields of health insurance, pensions and unemployment protection. This paper reviews reform efforts within these three policy fields and discusses progress and looming challenges with the concept of universalism as the yardstick. From the perspective of universalism, the social right dimensions of coverage （the share of the population included）, generosity （benefit levels or adequacy of welfare proved for those included） and financing （such as state, contributions or private） are quintessential. Coverage of social protection has increased significantly with new schemes in all three policy fields. The hukou divide in coverage of social insurance is not as pronounced as before, especially in health insurance. However, major challenges still persist. Declining benefit generosity or adequacy has been a tendency in both pensions and unemployment protection. The pension system also faces problems of financial fragmentation and unsustainability. The health insurance system is still inadequate in terms of protection against health risks, particularly serious or chronic illnesses. These issues are more pronounced in schemes catering to rural residents or urban residents outside the labor market. This reflects that schemes for urban workers are still much more generous. In this regard, recent tentative efforts to integrate the divided welfare system should be noted.