On the morning of June 21, 2023, the third phase of the "Luojia Social Security Reading Club" co-sponsored by the Department of Public Economics and Social Security of Wuhan University and the Social Security Research Center of Wuhan University was held in the conference room of the School of Politics and Public Administration, and simultaneously carried out online in the form of Tencent conference. The reading was presided over by Mr. Wang Zengwen, vice president of the School of Politics and Public Administration, and Yao Jin, PhD candidate of the Department of Public Economics and Social Security, guided the Principal-agent Problem of Employee Pension Insurance under the National Pooling. More than 30 people, including Meng Yingying, Zhang Ping, Hong Li, Huang Ruting, Ma Xueyang, Director of the Department of Public Economy and Social Security, as well as doctoral students, master's students and undergraduates, participated in this reading club online and offline.

In the introductory section, Yao Jin mainly shared the principal-agent Problem under the National planning of Employee pension Insurance from four parts. In the first part, Yao Jin starts from the practical background and policy background, introduces the current situation of increasing financial pressure and unbalanced development among regions of China's workers' pension insurance, as well as the national pooling policy of workers' pension insurance, and leads to the principal agent problem between the central and local governments that may be caused by the improvement of the pooling level. In the second part, Yao Jin sorted out the process of employee pension insurance pooling levels for us, from 1951 to 2023, a total of six stages, and explained in detail the central adjustment system implemented in 2018 and the national overall adjustment system implemented in 2022. In the third part, Yao Jin explained the principal-agent problem under the national pooling of employee pension insurance. As the pooling level gradually shifted from provincial pooling to national pooling, the financial power of employee pension insurance gradually moved up, and the administrative power was still assumed by local governments. The separation of financial power and administrative power led to the principal-agent problem between central and local governments. It may produce "income transfer effect" at the fund income end and "pressure sharing effect" at the fund expenditure end, which will affect the revenue collection and expenditure supervision power of local governments. In the fourth part, Yao Jin put forward the path to solve the problem of the agency under the national pooling of employee pension insurance, including the introduction of the collection incentive mechanism, the implementation of the tax department, the implementation of the parameter reform of employee pension insurance and the realization of the vertical management of service agencies.

In the interactive session, Yao Jin answered the students' questions on the effectiveness of the full tax collection by the tax authorities, the mechanism of influence between the central adjustment system and the decrease in the enthusiasm of premium collection. Then Teacher Ma Xueyang further discussed the division of power under the vertical management of handling agencies. Teacher Zhang Ping discussed the potential impact of social insurance premiums collected by tax departments from the perspective of the relationship and difference between "tax" and "fee".

Finally, Teacher Meng Yingying and Teacher Wang Zengwen made a summary speech on the reading. Teacher Meng Yingying believed that Yao Jin's sharing focused on key issues in the field of social security, carefully sorted out and cleverly conceived, reflecting the academic quality of social security graduate students, and this activity was very enlightening for in-depth understanding of the principal-agent relationship in the reform of basic endowment insurance planning. Teacher Wang Zengwen talked about the urgency of the change of China's population age structure and the aging of the population, and explained the realistic logic of the reform of pension insurance policy, and pointed out that the theme of this reading club has certain practical significance and can help everyone broaden their thinking. The success of the event benefited everyone.

"Luojia Social Security Reading Club" is an academic exchange activity jointly launched by the Department of Public Economics and Social Security and the Social Security Research Center of Wuhan University, with the purpose of broadening horizons, exchanging knowledge and enhancing consensus. I hope you will pay more attention and actively participate!