勞退新制的最適資產配置、所得替代率與保證成本

Optimal Asset Allocations, Replacement Ratios and Guarantee Cost for the New Labor Pension Scheme

10.6226/NTURM2007.17.2.69

繆震宇(Jerry C. Y. Miao)

資產配置 ； 所得替代率 ； 保證成本 ； asset allocations ； replacement ratios ； guarantee cost

臺大管理論叢

17卷2期（2007 / 06 / 01）

69 - 90

繁體中文

勞工退休金條例規定勞工的退休制度為確定提撥制，雇主的最低提撥率為6%，同時政府對於勞工退休帳戶有最低投資收益的保證，如何透過資產配置以滿足適當的所得替代率與降低政府的保證成本成為勞工退休新制成敗的關鍵問題，本文修改Haberman與Vigna(2002)的模型，探討勞退基金的相關議題，得到的結果有：（一）20歲的勞工可以在最低提撥率下達到30%的所得替代率，30歲與40歲的勞工採取自提6%是保障退休所得的合適做法，50歲以上的勞工並不適合完全仰賴勞退新制作為退休所得來源，（二）勞工年齡、提撥率高低與下方風險會影響最適資產配置的比例，（三）透過適當參數設定，本研究之模型可以降低政府的保證成本。

The new labor pension scheme is a defined-contribution plan. The minimum contribution ratio is 6% for employers. Minimum investment returns are under government’s guarantee. It is important to find optimal asset allocation to improve replacement ratio for employees and reduce guarantee cost for government. This study modifies the model of Haberman and Vigna (2002) and investigates the relevant questions. We find that: 1. The minimum contribution ratio is proper only for 20 years old labors. Self-contribution is necessary for 30 and 40 years old labors to get 30% replacement ratio. It is not proper for 50 years old labors to depend on individual account as the only financial support after retirement. 2. Age, contribution, and downside risk are relevant to optimal asset allocations. 3. Guarantee cost can be effectively controlled by the model we modified if proper parameter is set.

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