Synergistic Reform of Pension Insurance Contribution Rates and Retirement Delay
Yang Zaigui1,2 Qiao Zhi2
(1.China Institute for Actuarial Science， Central University of Finance and Economics， Beijing 102206；2.School of Insurance， Central University of Finance and Economics， Beijing 102206)
Abstract：This paper integrates the actuarial model of basic pension insurance with the overlapping generations (OLG) model， and measures the scope for synergistic reform of retirement delay and premium reduction in basic pension insurance based on the dual objectives of alleviating fiscal burdens and enhancing individual utility. The results indicate the existence of an effective range for synergistic reform， with both upper and lower limits for enterprise contribution rates and delayed retirement ages. The choice of benchmark is crucial to the reform path： with an enterprise contribution rate of 16% as the benchmark， retirement delay for male employees must be implemented alongside a reduction in the contribution rate， while female employees can proceed under current parameters； with an enterprise contribution rate of 20% as the benchmark， the retirement age for all employees can still be further increased. Under the current contribution rate， there is potential to raise the retirement age for female employees to 60-65 years. These findings remain valid after robustness tests. The premium reduction scheme for basic pension insurance proposed in this paper aligns with the reform principles of retirement delay—“gradual adjustment， flexible implementation， categorized advancement， and holistic planning”—and can serve as a reference for the synergistic reform of premium reduction and retirement delay in China's basic pension insurance system.
2025, Vol. 64 
