The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect ...The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect the society＇s harmonious development. This article begins with the concept of pension funds into the market, the urgency and necessity of the pension funds into the market in our country and the actual situation of the pension regulators at present. According to analysis the problems existing in the pension market regulation, then putting forward countermeasures and measures, paving the way for pension funds entering the market in our country.展开更多
Since the 1970s, according to the international pension system reform trend for old-age social security system, no single institutional arrangement can ensure the functions of endowment security system to achieve the ...Since the 1970s, according to the international pension system reform trend for old-age social security system, no single institutional arrangement can ensure the functions of endowment security system to achieve the optimal.Therefore,how to based on the present situation of development, and to accurately, thus promote the resources integration, comprehensive build multi-level old-age security system, has important policy and practice significance.展开更多
Using actuarial techniques, the study estimates the fired gap of pooling account and individual account respectively on on enterprise worker＇ s basic endowment insurance in Hebei province. And based on the estimation...Using actuarial techniques, the study estimates the fired gap of pooling account and individual account respectively on on enterprise worker＇ s basic endowment insurance in Hebei province. And based on the estimation, the study puts forward four policy suggestions： expand the coverage of the pension scheme; revised the number of months oft he annuities; increase the level of interest; improve financial support.展开更多
The irreversible trend is that China is accelerating into the aging society. The old-age services provided by the government has been unable to meet the growing needs of the elderly, So there is a huge supply of pensi...The irreversible trend is that China is accelerating into the aging society. The old-age services provided by the government has been unable to meet the growing needs of the elderly, So there is a huge supply of pension services need to make up for space. As the market can play a role in optimizing the allocation of resources.展开更多
With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut,...With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut, the rate of return on investment is very low. The introduction of the new policy allows the basic pension fund to enter the capital market, which is of great significance to improve the rate of return on investment, ease the pressure of capital gap, and promote the healthy development of the capital market. This paper makes a deep analysis of the rationality of the basic endowment insurance fund entering the market, and then puts forward some suggestions to avoid the risk of the pension market.展开更多
In view of the fact that has been troubling the empty individual account problem, many scholars advocate the endowment insurance system in China without the need for individual accounts, the Swedish name of account mo...In view of the fact that has been troubling the empty individual account problem, many scholars advocate the endowment insurance system in China without the need for individual accounts, the Swedish name of account model. Sweden＇s successful experience proved the superiority of this model： help to ease transition cost pressure, is conducive to the strengthening of labor participation motivation and inhibition of early retirement behavior, suitable for the current situation of the capital market, but the mountain in Sweden＇s unique system established background with China, coupled with the nominal account model, with its own defects and makes the model does not allow China to fully replicated.展开更多
As the population ages and family miniaturization trend intensified, pension agency demand for service personnel increased significantly, while the supply of human resources is inadequate. This article is based on the...As the population ages and family miniaturization trend intensified, pension agency demand for service personnel increased significantly, while the supply of human resources is inadequate. This article is based on the present situation of the imbalance between supply and demand of human resources, analysis of causes of the contradiction between them. Then put forward some suggestions on this basis, such as increase government financial input, build a professional medical personnel training system, develop volunteers and improve employees＇ rights protection mechanism.展开更多
As an important support of socialized pension service system, institutional pension plays an important role in satisfying the needs of the elderly. Based on the analysis of the present situation and the typical proble...As an important support of socialized pension service system, institutional pension plays an important role in satisfying the needs of the elderly. Based on the analysis of the present situation and the typical problems of the development of the institutional pension service in Shanghai in recent years, the paper puts forward the pertinent suggestions from the aspects of the allocation of the aged resources, the transformation of the government functions, the standardization of the old-age service, the talent incentive and the medical reimbursement.展开更多
This paper focuses on social equity issues among different age groups and generations in rural society and rural families in China. The researchers describe the material and social living condition of the elderly in r...This paper focuses on social equity issues among different age groups and generations in rural society and rural families in China. The researchers describe the material and social living condition of the elderly in rural areas, pointing out their relative poverty and the structural contradiction between the deterioration in their quality of life and socioeconomic position and the gradual improvement overall in rural living standards. They see this as evidence of social differentiation based on age and generation. The paper further provides an analysis of the resource difficulties encountered by the system of family support for the elderly that illustrates how economic, social and cultural developments affect the lives, power and rights of the elderly through changes in the rural family system and intergenerational familial relations.展开更多
This paper aims to derive the time-consistent investment strategy for the defined contribution(DC) pension plan under the mean-variance criterion.The financial market consists of a risk-free asset and a risky asset of...This paper aims to derive the time-consistent investment strategy for the defined contribution(DC) pension plan under the mean-variance criterion.The financial market consists of a risk-free asset and a risky asset of which price process satisfies the constant elasticity of variance(CEV) model.Compared with the geometric Brownian motion model,the CEV model has the ability of capturing the implied volatility skew and explaining the volatility smile.The authors assume that the contribution to the pension fund is a constant proportion of the pension member's salary.Meanwhile,the salary is stochastic and its volatility arises from the price process of the risky asset,which makes the proposed model different from most of existing researches and more realistic.In the proposed model,the optimization problem can be decomposed into two sub-problems:Before and after retirement cases.By applying a game theoretic framework and solving extended Hamilton-Jacobi-Bellman(HJB) systems,the authors derive the time-consistent strategies and the corresponding value functions explicitly.Finally,numerical simulations are presented to illustrate the effects of model parameters on the time-consistent strategies.展开更多
文摘The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect the society＇s harmonious development. This article begins with the concept of pension funds into the market, the urgency and necessity of the pension funds into the market in our country and the actual situation of the pension regulators at present. According to analysis the problems existing in the pension market regulation, then putting forward countermeasures and measures, paving the way for pension funds entering the market in our country.
文摘Since the 1970s, according to the international pension system reform trend for old-age social security system, no single institutional arrangement can ensure the functions of endowment security system to achieve the optimal.Therefore,how to based on the present situation of development, and to accurately, thus promote the resources integration, comprehensive build multi-level old-age security system, has important policy and practice significance.
文摘Using actuarial techniques, the study estimates the fired gap of pooling account and individual account respectively on on enterprise worker＇ s basic endowment insurance in Hebei province. And based on the estimation, the study puts forward four policy suggestions： expand the coverage of the pension scheme; revised the number of months oft he annuities; increase the level of interest; improve financial support.
文摘The irreversible trend is that China is accelerating into the aging society. The old-age services provided by the government has been unable to meet the growing needs of the elderly, So there is a huge supply of pension services need to make up for space. As the market can play a role in optimizing the allocation of resources.
文摘With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut, the rate of return on investment is very low. The introduction of the new policy allows the basic pension fund to enter the capital market, which is of great significance to improve the rate of return on investment, ease the pressure of capital gap, and promote the healthy development of the capital market. This paper makes a deep analysis of the rationality of the basic endowment insurance fund entering the market, and then puts forward some suggestions to avoid the risk of the pension market.
文摘In view of the fact that has been troubling the empty individual account problem, many scholars advocate the endowment insurance system in China without the need for individual accounts, the Swedish name of account model. Sweden＇s successful experience proved the superiority of this model： help to ease transition cost pressure, is conducive to the strengthening of labor participation motivation and inhibition of early retirement behavior, suitable for the current situation of the capital market, but the mountain in Sweden＇s unique system established background with China, coupled with the nominal account model, with its own defects and makes the model does not allow China to fully replicated.
文摘As the population ages and family miniaturization trend intensified, pension agency demand for service personnel increased significantly, while the supply of human resources is inadequate. This article is based on the present situation of the imbalance between supply and demand of human resources, analysis of causes of the contradiction between them. Then put forward some suggestions on this basis, such as increase government financial input, build a professional medical personnel training system, develop volunteers and improve employees＇ rights protection mechanism.
文摘As an important support of socialized pension service system, institutional pension plays an important role in satisfying the needs of the elderly. Based on the analysis of the present situation and the typical problems of the development of the institutional pension service in Shanghai in recent years, the paper puts forward the pertinent suggestions from the aspects of the allocation of the aged resources, the transformation of the government functions, the standardization of the old-age service, the talent incentive and the medical reimbursement.
文摘This paper focuses on social equity issues among different age groups and generations in rural society and rural families in China. The researchers describe the material and social living condition of the elderly in rural areas, pointing out their relative poverty and the structural contradiction between the deterioration in their quality of life and socioeconomic position and the gradual improvement overall in rural living standards. They see this as evidence of social differentiation based on age and generation. The paper further provides an analysis of the resource difficulties encountered by the system of family support for the elderly that illustrates how economic, social and cultural developments affect the lives, power and rights of the elderly through changes in the rural family system and intergenerational familial relations.
基金the National Natural Science Foundation of China under Grant Nos.11201335,11301376,and 71573110
文摘This paper aims to derive the time-consistent investment strategy for the defined contribution(DC) pension plan under the mean-variance criterion.The financial market consists of a risk-free asset and a risky asset of which price process satisfies the constant elasticity of variance(CEV) model.Compared with the geometric Brownian motion model,the CEV model has the ability of capturing the implied volatility skew and explaining the volatility smile.The authors assume that the contribution to the pension fund is a constant proportion of the pension member's salary.Meanwhile,the salary is stochastic and its volatility arises from the price process of the risky asset,which makes the proposed model different from most of existing researches and more realistic.In the proposed model,the optimization problem can be decomposed into two sub-problems:Before and after retirement cases.By applying a game theoretic framework and solving extended Hamilton-Jacobi-Bellman(HJB) systems,the authors derive the time-consistent strategies and the corresponding value functions explicitly.Finally,numerical simulations are presented to illustrate the effects of model parameters on the time-consistent strategies.
