Abstract
The social security relies on public finance. However, the benefits of urban and rural basic endowment insurance in China have been at a low level since the establishment in 2014. This article explores the possibility of improving pension based on the view of public finance. By analyzing the status and fiscal subsidy policies of urban and rural basic endowment insurance in Guangdong province, the passage found that the fund supported endowment insurance for public finance was not a burden. Then, the ELES was used in the essay to estimate an appropriate level of pension based on the needs of the elderly and funding required could be afforded by public finance. Finally, it proposes some ways to optimize financial subsidies.
Highlights
The problem of population aging is a common challenge facing countries in the 21st century
By analyzing the status and fiscal subsidy policies of urban and rural basic endowment insurance in Guangdong province, the passage found that the fund supported endowment insurance for public finance was not a burden
In 2014, the Opinions of the State Council on Establishing a Unified Basic Endowment Insurance System for Urban and Rural Residents was issued, which explicitly mentioned that the basic endowment insurance system for urban and rural residents should follow the principle of “basic insurance” and give full play to the importance role of social insurance to guarantee the basic life of people
Summary
The problem of population aging is a common challenge facing countries in the 21st century. According to the internationally accepted view, the proportion of the population aged 60 or over in the country or region reached 10%, or the proportion of the population aged 65 or over reached 7%, that is, into aging. According to this standard, China has entered an aging society in 2000. The participant of UREI has reached 26.26 million in Guangdong Province, basically covering the whole population [1]. The minimum standard for basic pensions has increased year by year in Guangdong Province since 2012. The minimum standard of basic pension stipulated by Guangdong Province cannot obviously guarantee the basic life of elderly residents. This article will analyze the financial subsidy policies and treatment levels of UREI in Guangdong Province, and further explore the possibility of increasing fiscal subsidies and optimize the fiscal policies of UREI
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