Research on the Multi-Level Social Security System

Dingjia Xiao

doi:10.30560/hssr.v7n3p117

Dingjia Xiao Cambridge School of Weston, USA

DOI: https://doi.org/10.30560/hssr.v7n3p117

Keywords: pension security system, the aging of labor relations

Abstract

This paper explores the historical development of China's social security system, focusing particularly on the second pillar of pensions. It highlights the persistent gaps in pension coverage for farmers and migrant workers, which continue to threaten their financial stability. The paper also discusses the significant impact of the pension system on labor relations. Despite improvements, China's pension system remains deeply divided between urban and rural areas, as well as between public and private sector workers. The existing dual structure exacerbates inequalities, particularly in terms of pension security. China's pension system still needs to be improved. China’s pension system still needs perfecting,there obviously exists a dual structure between urban and rural areas, and also differences in the domestic civil servant system, which includes public institution staffs and urban workers. The first pillar has a substantial increase in coverage to 1.066 billion people, and more importantly needs to be supplemented with a huge gap in the empty accounts; the second pillar has developed more rapidly, but coverage is low and seriously unbalanced. The United States pension system is relatively sound, but too much reliance on the investment ability of employees, employees themselves bear all the investment risk, receive completely by the employee's own decision, a one-time receive face the problem of reasonable use. A sound and reasonable old-age security system is the cornerstone of social stability, which can increase the satisfaction and loyalty of workers and promote social equity and a virtuous cycle.

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