From Multi-Tiered to Multi-Pillar:Rethinking of Old-Age Security System Reformation

Rethinking of China's multi-tiered old-age security system and taking the multi-pillar theory into consideration, this article constructs a multi-pillar old-age security system according to China' practical context. Zero pillar is state pension, the aim of which is to prevent pauperization targeting at farmer workers and low income population. First pillar is basic pension, the aim of which is to provide the basic living security to retired people targeting at formal workers. Second pillar is occupational pension, the aim of which is to improve living level for retired people compared with those who with only the first pillar. Third pillar is voluntary personal saving plan, the aim of which is to provide more security to high-income populations who have more requests about old-age security.