| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28897 |
| 来源ID | Working Paper 28897 |
| Delay the Pension Age or Adjust the Pension Benefit? Implications for Labor Supply and Individual Welfare in China | |
| Yuanyuan Deng; Hanming Fang; Katja Hanewald; Shang Wu | |
| 发表日期 | 2021-06-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We develop and calibrate a life-cycle model of labor supply and consumption to quantify the implications of alternative pension reforms on labor supply, individual welfare, and government budget for China’s basic old-age insurance program. We focus on urban males and distinguish low-skilled and high-skilled individuals, who differ in their preferences, health and labor income dynamics, and medical expense processes. We use the calibrated model to evaluate three potential pension reforms: (i) increasing the pension eligibility age from 60 to 65, but keeping the current pension benefit rule unchanged; (ii) keeping the pension eligibility age at 60, but proportionally lowering pension benefits so that the pension program’s budget is the same as under Reform (i); and (iii) increasing the pension eligibility age to 65 and simultaneously increasing the pension benefits so that individuals of both skill types attain the same individual welfare levels as in the status quo. We find that relative to the baseline, both Reforms (i) and (ii) can substantially improve the budgets of the pension system, but at the cost of substantial individual welfare loss for both skill types. In contrast, we find that Reform (iii) can modestly improve the budget of the pension system while ensuring that both skill types are as well off as in the status quo. We find that Reforms (i) and (ii) slightly increases, but Reform (iii) slightly decreases, the overall labor supply. |
| 主题 | Microeconomics ; Households and Firms ; Public Economics ; National Fiscal Issues ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w28897 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586571 |
| 推荐引用方式 GB/T 7714 | Yuanyuan Deng,Hanming Fang,Katja Hanewald,et al. Delay the Pension Age or Adjust the Pension Benefit? Implications for Labor Supply and Individual Welfare in China. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28897.pdf（517KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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