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The Actuarial Evaluation of the Effect of the New Civil Servant Pension System on Fiscal Expenditure
Author(s): 
Pages: 114-122
Year: Issue:  12
Journal: Insurance Studies

Keyword:  civil servantthe new pension system policyfiscal expenditure;
Abstract: China’s new civil servant pension policy will impact the pension fund fiscal expenditure. The paper evaluated the effect by analyzing the new policy and building an actuarial model to project the reduction amount and reduction ratio of the pension fund fiscal expenditure before and after the reform. The research indicated that the pension spending reduction would increase year by year with retirements,and it would reach the maximum value when all the"new men"and"new middle men"retired. The reduction ratio declined slowly and was relatively stable. It can be seen that the new policy will relieve the fiscal burden,realize the smooth transition of pension benefits,and help to meet the challenge of pension expenses caused by the aging of population.
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