The New Fertility Policy and the Actuarial Balance of China Urban Employee Basic Endowment Insurance Fund Based on Stochastic Mortality Model
| Autor: | Xiaojing Guo, Yuantao Xie, Huijuan Lv, Xinzhu Zhang |
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| Rok vydání: | 2020 |
| Předmět: |
0209 industrial biotechnology
Article Subject General Mathematics media_common.quotation_subject Population Wage 02 engineering and technology 01 natural sciences 010104 statistics & probability 020901 industrial engineering & automation QA1-939 Economics 0101 mathematics education health care economics and organizations media_common Rate of return Endowment policy education.field_of_study Pension Actuarial science Longevity risk Fund accounting General Engineering Engineering (General). Civil engineering (General) Annual percentage rate TA1-2040 Mathematics |
| Zdroj: | Mathematical Problems in Engineering, Vol 2020 (2020) |
| ISSN: | 1563-5147 1024-123X |
| DOI: | 10.1155/2020/3596384 |
| Popis: | This study aims to investigate the impact of China’s new fertility policy on the actuarial balance of its Urban Employee Basic Endowment Insurance (UEBEI) fund, with stochastic mortality model included to address the longevity risk. Combined with the latest UEBEI policy, this paper constructs an actuarial balance model and introduces the growth rate of wage, the age of employment and the age of retirement, the rate of payment, the rate of replacement, the annual rate of pension adjustment, and the population in terms of age into the model, which arise from the rate of payment, average wage, and personal and social factors. This study uses the sixth population census data by age group and gender to employ empirical analysis. The sensitivity analysis of China’s basic pension insurance fund balance is made. It is concluded that the increase in the growth rate of wage caused by social factors, the increase of fund investment returns, the delay of retirement, and the increase in the fund collection rate are all conducive to the sustainability of the UEBEI fund. |
| Databáze: | OpenAIRE |
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