Abstract:
In order to encourage the enterprises and employees entering the enterprise annuity, the Chinese government issued the income-tax-deferred policy on the enterprise annuity in 2014. In this paper, we build models,and compare the pension level of the tax-deferred and non-tax-deferred enterprise annuity using numerical simulation. Further, the influence of the investment rate of return, the actual wage growth rate, the retirement age and the contribution rate on the pension level of tax-deferred enterprise annuity are analyzed through parameter sensitivity analysis. The result shows that the pension level of the tax-deferred enterprise annuity is significantly lower than that of non-tax-deferred enterprise annuity. But the negative effect varies according to different genders, different income levels and different contribution rates. The higher the income level and the contribution rate, the greater the scale of this negative effect. Also, the negative effect for the male workers is greater than that of the female workers. The findings indicate that higher the return on investment, postponing the retirement age and increasing the contribution rate would improve the old-age security level for employees, which is consistent with the ongoing reforms of China.
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