Research on the Individual Income Tax-Deferred Commercial Endowment Insurance from the Perspective of Fairness

In order to alleviate the pressure of the basic endowment insurance system, China has implemented the policy of individual income tax-deferred commercial endowment insurance (IITDCEI) and actively explored the development path of individual supplementary endowment insurance. At present, the same tax rules are adopted for different income groups. Considering that people's income gap is large, different income groups enjoy different degrees of tax preference under this policy, which may cause social injustice and increase the gap between the rich and the poor. Based on this, we propose a new optimization scheme by adjusting the tax rate and the maximum premium limit of the insurance amount so as to coordinate the interests of low-, medium-, and high-income subjects and balance the degree of tax preference among the three subjects. At the same time, we also change the two parameters of the predetermined interest rate and retirement age, and compare the changes of the tax preference under the old and new schemes, and provide corresponding countermeasures for the implementation of the IITDCEI policy.

Preferred Lung Cancer Screening Modalities in China: A Discrete Choice Experiment

This study aimed to identify preferred lung cancer screening modalities in a Chinese population and predict uptake rates of different modalities. A discrete choice experiment questionnaire was administered to 392 Chinese individuals aged 50–74 years who were at high risk for lung cancer. Each choice set had two lung screening options and an option to opt-out, and respondents were asked to choose the most preferred one. Both mixed logit analysis and stepwise logistic analysis were conducted to explore whether preferences were related to respondent characteristics and identify which kinds of respondents were more likely to opt out of any screening. On mixed logit analysis, attributes that were predictive of choice at 1% level of statistical significance included the screening interval, screening venue, and out-of-pocket costs. The preferred screening modality seemed to be screening by low-dose computed tomography (LDCT) + blood test once a year in a general hospital at a cost of RMB 50; this could increase the uptake rate by 0.40 compared to the baseline setting. On stepwise logistic regression, those with no endowment insurance were more likely to opt out; those who were older and housewives/househusbands, and those with a health check habit and with commercial endowment insurance were less likely to opt out from a screening programme. There was considerable variance between real risk and self-perceived risk of lung cancer among respondents. Lung cancer screening uptake can be increased by offering various screening modalities, so as to help policymakers further design the screening modality.

PENENTUAN CADANGAN PREMI ASURANSI DWIGUNA MENGGUNAKAN METODE ILLINOIS BERDASARKAN HUKUM MORTALITAS WEIBULL

Endowment insurance provides protection benefit and saving benefits. In the endowment insurance the insured party (insurance participant) must be paid the premiums. In addition to premiums, there is also policy value, which is sum of money that must be collected by the company in preparation for claim payment. The purpose of this study was to determine calculation of policy value in endowment insurance using Illinois method based on Weibull Mortality Law. In this study used secondary data from United States Life Table in the form of mortality probability data. Calculation value using Weibull mortality law, then the policy value calculated by Illinois method. The result of this study is policy value using Illinois Method based on Weibull Mortality Law is bigger than policy value using Illinois method without Weibull mortality law in the first year until year 20th. After year 20th, the policy value using Illinois method based on Weibull mortality law is smaller than policy value using Illinois method without Weibull mortality law, while at the end of the insurance year which is year 30th, the policy value with or without Weibull mortality law generates the same value.

Does Reduction of Contribution Rate Affect the Sustainability of China’s Basic Endowment Insurance Fund?—Based on the Background of National Pooling and Collection Responsibility Transformation

Sustainability is an urgent issue in the basic endowment insurance system in China. The advancement of the national pooling and the transfer of collection responsibility from the social security department to the taxation department are the policy measures taken to ensure the sustainable development of the endowment insurance system. In this circumstance, this paper discusses the solvency of the national pooling account fund of basic endowment insurance when the enterprise contribution rate drops to 16% by constructing an improved theoretical actuarial model. The conclusion shows that under the national pooling mode of peeling off historical debt and personal account, even if the contribution rate drops to 16%, the basic endowment insurance fund in China will still have strong solvency in the long run. In addition, due to the transfer of the collection responsibility of the basic endowment insurance, the proportion of the actual number of payers to the number of in-service insured will gradually increase to 100%, and the calculation results in this paper show that the bankruptcy scope of China’s basic pension insurance funds will be postponed to the year of 2113. This study enriches the relevant literature and solves a policy concern in the reform of China’s basic endowment insurance system: Does reduction of contribution rate affect the sustainability of the basic endowment insurance system?

Income Redistribution Effect of Raising the Overall Planning Level of Basic Endowment Insurance for Urban Employees in China

It is the focus of social security system reform at this stage in China to promote the transition of basic endowment insurance for urban employees from provincial overall planning level to national overall planning level, which is of great significance to the realization of fair and efficient of economic development. Based on the micro data of China Household Finance Survey 2017 (CHFS2017), this paper first establishes a personal wage prediction model to estimate the distribution of personal lifetime wage income, then designs two pension collection and payment plans of “direct national overall planning” and “indirect national overall planning”, and establishes an actuarial model of pension to calculate the present value of personal lifetime contribution, lifetime claim and lifetime real wage income after pension adjustment under different overall planning levels. Finally, the income gap index and net benefit rate index are used to measure the change of the whole income gap and the transfer of pension benefits. The results show that on the whole, the basic endowment insurance for urban employees does have a significant income redistribution effect, and its income adjustment effect is positively related to the overall planning level and intensity of the system. Under the current provincial overall planning level, the income redistribution effects of the system are as follows: the high-income group transfers to the low-income group, the young generation to the elderly generation, the female insured person to the male insured person, and the non-state-owned economic unit to the state-owned economic unit. With the improvement of the overall planning level and strengthening of intensity, there are differences in the changes of benefits among different groups.

Research on Time Bank’s Mutual-support Old-aged Care Mode Based on Blockchain Technology

With the development trend of aging and low fertility in China, disability and dementia increase year by year in the elderly population. The demand of long-term life care service for the elderly with disability and dementia brings great challenges to the service supply and funds of the traditional endowment insurance model. However, with the application of blockchain technology, the Time Bank’s mutual-support old-aged care mode can better solve the above problems. First, the author uses SWOT analysis to comprehensively analyze the advantages, difficulties, opportunities and challenges of the Time Bank’s Mutual-support for the Aged mode in China, then the blockchain technology is applied to this mode, finally the corresponding optimization scheme and suggestions are put forward.