The Current Situation of the Reform on World Public Pension and Its Enlightenment to China

Abstract

From a worldwide perspective, the proportion of the elderly in the total population is increasing. How to maintain the adequacy and fnancial sustainability of pension system will be a formidable challenge for all countries. Most OECD (the Organization for Economic Cooperation and Development) countries and many emerging market countries have reformed their pensions system. Structural reforms and parametric reforms are main reform measures. Meanwhile, employment promotion of the elderly and alleviating old age poverty are drawing much more attention. It can be concluded that , on the basis of empirical analysis of other countries' reforms and comparative analysis, China should combine measures of raising the retirement age with promoting the age management ; and lower the poverty of older people to ensure that the elderly population can receive adequate retirement income; and extend the coverage of voluntary pension scheme to attract more labor force employed in informal sectors to participate in ,thus increasing retirement income eventually