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- W4361795467 abstract "This study investigates how to encourage the 53% (at the end of 2021) of the total insurees presently covered by China's Social Pension (SP) scheme to voluntarily join the Earnings-Related Pension (EP) scheme as the economy develops in the coming decades—without increasing the share of overall budget transfers to pensions in relation to GDP. The study focuses on several key features of the process. First, the statistics for China show that after controlling for the old-age dependency ratio, the share of China’s total public pension expenditures in relation to GDP already surpasses that of many developed countries. The data show that the share of government budget transfers to the overall public pension system is higher than in developed economies—for example Japan’s. Second, China’s public pension benefit gap is much higher than the earnings gap between workers across schemes. Nevertheless, in 2021 almost 80% of government transfers for public pensions went to financing EP benefits. Third, the replacement rate of the EP scheme is systematically underestimated in the official Chinese discourse on pensions. This is because it is often based on the average wage for the “original” formal sector rather than the average wage for the whole economy. Fourth, we propose and discuss a gradual process of gradually reallocating the current level of subsidies from the EP to the SP pensioners. This process will provide additional contribution revenues to the EP scheme and contribute to relieving the financial pressure on both the new generations of workers and the EP scheme by redirecting government subsidy support to the elderly, along with necessary increase in the pension age. The overall conclusion is that the long-run policy goal for the coming decades should be to create a single universal EP scheme for all of China, supported by an adequate minimum guaranteed pension for the least well-off elderly." @default.
- W4361795467 created "2023-04-05" @default.
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- W4361795467 date "2023-01-01" @default.
- W4361795467 modified "2023-09-27" @default.
- W4361795467 title "Towards a Universal Chinese Future Public Pension Structure: Re-engineering the Social Pension Scheme to Become a Guarantee in the Earnings-Related Pension Scheme" @default.
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- W4361795467 doi "https://doi.org/10.1007/978-981-19-9997-0_3" @default.
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