THE EFFECT OF DELAYED RETIREMENT ON SOCIAL WELFARE IN CHINA FROM THE PERSPECTIVE OF THE PENSION REPLACEMENT RATE

Yuantao Xie, Xiaoke Sun and Shanchen Yang
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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

The Singapore Economic Review (SER), 2024, vol. 69, issue 06, 1907-1932

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.

Keywords: China; delayed retirement; social welfare; pension replacement rate (search for similar items in EconPapers)
JEL-codes: G22 H55 J26 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0217590821400038

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