作　者：赵耀辉 王亚峰 赵锐
关键词：城乡居民养老保险；个人账户；第三支柱化；利息补贴；缴费激励
摘　要：

城乡居民基本养老保险制度建立以来，实现了广泛覆盖，但主要依赖财政支持的基础养老金，个人账户积累有限，养老金待遇水平偏低。推动城乡居民养老保险制度第三支柱化改革是破解这一困境的出路。居民养老保险第三支柱化改革思路的核心在于发展养老金个人账户，强化养老金的财产属性和透明度，提升参保人信任。改革的措施是将基础养老金和缴费补贴统一转化为投资收益补贴，由国家在市场化回报基础上追加贴息，使缴费回报更加直观，从而增强缴费激励，形成“多缴多得、长缴多得”的激励机制。居民养老金第三支柱化改革对养老金待遇的提升效果取决于参保人选择的缴费档次、利息补贴水平和投资回报率等关键参数。在既定补贴规模约束下，通过对参数组合的调整可以预测不同情景下达到的养老金待遇。城乡居民养老保险第三支柱化改革，通过将补贴转为贴息、激励个人账户积累，为提升农村居民养老金水平、缓解财政压力、完善养老保险体系提供了实践方案。

 

Practical Pathways and Policy Guarantees for the Third-pillar-oriented Reform of the Residents' Pension System

Zhao Yaohui（Wuhan University） Wang Yafeng（Peking University） Zhao Rui（Wuhan University）

Abstract Having achieved broad coverage since its establishment, the basic pension scheme for urban and rural residents remains heavily reliant on fiscally supported basic pensions, with limited accumulation in individual accounts and low pension benefit levels. Promoting a third-pillar-oriented reform of the urban and rural residents' pension system therefore represents a viable way out. The core of this reform lies in developing individual pension accounts by enhancing the property attributes and transparency of pension entitlements, thereby reinforcing participants' trust. The reform measure is to consolidate basic pensions and contribution subsidies and convert them into investment-return-based subsidies, with the state providing additional interest subsidies on top of market-based returns. This arrangement makes contribution returns more visible, strengthens contribution incentives and develops a mechanism of "the greater and longer the contribution, the more the benefit". The effect of the third-pillar-oriented reform on improving pension benefits depends on key parameters such as the contribution tiers chosen by participants, interest subsidy levels and investment re‐ turn rate. Under a given subsidy rate, adjusting parameter combinations allows for projecting pension benefits attainable in different scenarios. By converting direct subsidies into interest subsidies and incentivizing individual account accumulation, the third-pillar-oriented reform of the urban and rural residents' pension scheme offers a practical approach to raising rural pension benefits, easing fiscal pressures and improving the overall pension system.

Key words basic pension scheme for urban and rural residents; individual account; the third-pillar-oriented reform; interest subsidy; contribution incentives

 

■作者简介  赵耀辉，武汉大学董辅礽经济社会发展研究院教授，湖北 武汉 430072；

王亚峰（通讯作者），北京大学中国社会科学调查中心副研究员，北京 100871；

赵  锐，武汉大学董辅礽经济社会发展研究院副教授。

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