Centro de Documentacion de Fundación MAPFRE - How private sector participation improves retirement preparation : a case from China

Notes: Sumario: This paper shows empirically how private sector participation improves the adequacy and equality of retirement preparation in a three-pillar retirement system. We develop a three-layer replacement rate approach based on the China Health and Retirement Longituclinal Study, a nationwide representative household survey of middle-aged and old aged population. Our empirical evidence shows that private sector participation increased the mean (median) replacement rate in 2013 from 35.4% (15.4%) to 69.8% (48.7%). The evidence also suggests that annuitising home equity is responsible for a large portion of this increase. Surprisingly, private sector participation also mitigates the inequality of retirement preparation between the formal and informal sectors. Our empirical findings emphasise the importance of annuitisable private savings for the retirement income security of the one-fifth of the global population who live in a representatively high-growth and rapidly ageing economyRelated records: En: Geneva papers on risk and insurance : issues and practice. - Geneva : The Geneva Association, 1976- = ISSN 1018-5895. - 01/01/2019 Volumen 44 Número 1 - enero 2019 , p. 123-147Materia / lugar / evento: Planes de pensiones Ahorro Jubilación Sistemas de pensiones Sector privado Estudios estadísticos Estudios de investigación China Otros autores: Liu, Zining
Jia, Ruo
Other categories: 345

Rights: In Copyright (InC)

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