• 论文 •

澄清对养老金替代率的误解

• 出版日期:2013-11-15 发布日期:2013-11-04

Clarifying Misunderstanding of Pension Replacement Rate

Wang Xiaojun Mi Haijie

• Online:2013-11-15 Published:2013-11-04

Abstract: Pension replacement rate measuring the pension level is defined as the ratio of pension income to working income. This indicator has been widely computed for the assessment of adequacy of pension systems and international comparisons. In some literature, the indicator of average replacement rate is adopted to measure the average level of replacement rate in China. These studies show that the pension replacement rate has been decreasing to below the international warning level or target level, and thus propose to improve the benefit accordingly. This paper examines the concept, scope and computing method of alternative pension replacement rates systematically. Based on stochastic simulation, the distribution of replacement rate for different types of people is described and the probability of achieving the target replacement rate is given. The misunderstanding of average replacement rate is clarified. By applying the method of factor decomposition, factors influencing average replacement rate are investigated and deviation of this indicator in measuring the average level of replacement rate is analyzed. Moreover, this paper indicates that median replacement rate is more appropriate in measuring the average level of replacement rate.