China's Pension System : A Vision.
Title:
China's Pension System : A Vision.
Author:
Dorfman, Mark C.
ISBN:
9780821395417
Personal Author:
Physical Description:
1 online resource (205 pages)
Series:
Directions in Development
Contents:
Front Cover -- Title Page -- Copyright -- Contents -- Preface and Acknowledgments -- About the Authors -- Abbreviations -- Overview -- Introduction -- Motivations for Pension Reform -- Pension System Design Proposal and Options -- Design Considerations -- Implementation Issues and Options -- Conclusion -- Notes -- China: A Vision for Pension Policy Reform -- Introduction -- Current and Future Trends Motivating Reform -- Proposed Design -- Financing Options -- A Reform Process: Cross-Cutting Analysis and Institutional Reform Issues -- Conclusion -- Notes -- References -- Appendix A Pension Needs for Nonwage Rural and Urban Citizens -- Introduction -- Rationale and Expectations -- China's Experience with Rural Pensions -- Looking Ahead-The New Rural Pension Scheme -- Pension System Design Principles -- Proposal for a National Pension System for Nonwage Populations -- Conclusions -- Notes -- References -- Appendix B A Notional (Nonfinancial) Defined-Contribution Design for China's Urban Old-Age Insurance System -- Rationale and Advantages of an NDC Scheme in China -- Proposed Technical Design for an NDC Scheme -- Lessons from Countries That Have Implemented NDC Schemes -- Notes -- References -- Appendix C Evaluation of Legacy Costs -- Understanding the Liabilities -- Estimating the Liabilities of China's Urban Old-Age Insurance System -- Estimating the Pay-as-You-Go Asset, Legacy Costs, and Phasing -- Financing Legacy Costs-Lessons from the Liaoning Pilot -- Broad Estimates of Legacy Costs, Their Phasing, and Suggested Financing -- References -- Appendix D Aging, Retirement, and Labor Markets -- Aging, Migration, and Labor Markets -- Effects of an Increase in the Retirement Age on the Labor Market -- Effects of an Increase in the Retirement Age on the Urban Elderly -- Public Policy Implications of Increasing the Retirement Age -- Conclusions.
Notes -- References -- Appendix E Voluntary Savings Arrangements -- The Objectives and Role of Voluntary Savings Arrangements in the Chinese Pension System -- Conditions Necessary to Fulfill These Objectives -- A Design Framework for Supplementary Pension Schemes -- The Path to Implementation -- References -- Glossary -- Box -- Figure -- Tables -- Backcover.
Abstract:
Comprehensive reform of China's pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development. Over the past few years, the Government has considered various options and initiated several significant measures. In 2009 the authorities established a national framework for rural pensions, the Rural Pension Pilot Program (RPPP) and in 2011 a Pilot Social Pension Insurance for Urban Residents announced. In this process, it has articulated principles for a reformed urban pension system (indicated by 12 Chinese characters ) which are "broad coverage, protects at the basic level, is multi-layered, and sustainable" while the principles for the rural system (indicated by 12 characters ) are "broad coverage, protects at the basic level, flexible, and sustainable." These principles underpin the commitments made at the 17th Party Congress towards a comprehensive and integrated social security system by 2020. Although substantial reforms of the pension system have been undertaken over the past two decades, some policymakers have suggested that additional reforms are needed to meet the needs of China's rapidly changing economy and society. Issues such as legacy costs, system fragmentation and limited coverage have not been fully addressed. At the same time, many new challenges have emerged such as rapid urbanization, increased income inequality and urban-rural disparities, greater informalization of the labor force, changes in family structure, and the effects of increased globalization. This report has been prepared at the request of the Ministry of Finance to develop a medium term vision of a holistic framework that could be realized by 2040 for strengthening old age income protection in China which is consistent with the principles outlined in the 12 characters and design options
towards achieving it. The main body of this report outlines this vision - summarizing the key features of a proposed medium-term pension system - while the annexes provide the deeper analysis and context which underpins the recommendations contained herein.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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Electronic Access:
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