Abstract：In order to tackle the increasingly serious aging structure of population， China has gradually built up a basic old-age insurance system， which aims at protecting the basic life of the elderly after their retirement. Although the coverage has been greatly increased， current researches hold two opposite arguments on the security function of old-age insurance system. Based on the survey data of public welfare attitudes in Guangdong Province in 2017， this research uses Ordered Probit model to analyze the relationship between happiness of the low and moderate-income group and their perception of the payment and treatment of old-age insurance system. Our research finds that the perception of payment of old-age insurance system has significantly negative effect on happiness of low and moderate-income group， while there is no correlation between the treatment of old-age insurance system and happiness of low and moderate-income group. Moreover， compared with low and moderate-income group who doesn’t join the old-age insurance system， joining the old-age insurance system cannot increase happiness of low and moderate-income group. These findings reveal that low and moderate-income group pay more attention to the payment of old-age insurance system rather than the treatment of it，indicating joining the old-age insurance system will reduce the quality of life，job opportunity and salary of low and moderate-income group，but fail to play its role in ensuring their pension at the same time. Our research can provide a theoretical basis for the reform and improvement of China's old-age insurance system， as well as having practical significance on tackling aging crisis and realizing better life.
岳经纶 尤泽锋. 挤压当前还是保障未来：中低收入阶层养老保险幸福效应研究[J]. 华中师范大学学报（人文社会科学版）, 2018, 57(6): 20-29.
Yue Jinglun You Zefeng. Squeezing Present or Protecting Future： A Study on the Impact of Old-age Insurance System on Happiness of Low and Moderate-income Group. journal1, 2018, 57(6): 20-29.
2018, Vol. 57 
