Professor Liu Changping, a researcher at the Social Security Research Center of Wuhan University, and Liu Wei, a doctoral cnadidate, published a paper entitled "Research on the Optimization of the Financial Subsidy Model of Basic Pension Insurance for Urban and Rural Residents" in the 10th issue of Shanghai Economic Research in 2019, which was reprinted in full in the second issue of Social Security System in 2020. The full text is now forwarded and shared with readers.

【author】Liu Changping,Liu Wei

【Original source】《上海经济研究》2019(10)

【Reprinted journals】《社会保障制度》

【Reprint time】2020(02)

【Abstract】Based on the basic pension subsidy, personal account payment subsidy and the financial responsibility brought about by the cumulative gap of personal account fund under the basic old-age insurance system for urban and rural residents, this paper comprehensively examines the level of pension financial burden of central and local governments, and establishes a linkage model with the actuarial value of pension and the average replacement rate index. By tracking the change of the elasticity index of the average replacement rate of the pension financial burden level, this paper argues that the future urban and rural housing insurance system should focus more on the payment subsidy of personal accounts, so as to achieve the continuous improvement of the financial subsidy model. In addition, the private nature of the pension personal account is emphasized, and the responsibility caused by the fund gap in the personal account is reduced through the adjustment of the calculation and issuance coefficient.

【Keywords】resident pension insurance; Subsidies; average replacement rate; actuarial value; Longevity risk

【Funds】One of the phased achievements of the Humanities and Social Sciences Planning Fund Project of the Ministry of Education, "Research on the Implementation Path and Impact of the National Overall Planning of Basic Pensions - Actuarial Balance of Pensions Based on Purchasing Power Parity Index" (Grant No.: 17YJA630054).